According to data released on Monday by the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate continued to rise for the sixth consecutive time, reaching 22.79 percent in June 2023. This marks a new 17-year high, up from 22.41 percent in the previous month.
The NBS report stated, “In June 2023, the headline inflation rate rose to 22.79 percent compared to the May 2023 headline inflation rate of 22.41 percent. The June 2023 headline inflation rate showed an increase of 0.38 percentage points compared to the previous month.”
On a year-on-year basis, the headline inflation rate in June 2023 was 4.19 percentage points higher than the rate recorded in June 2022, which was 18.60 percent. This indicates an increase in the year-on-year headline inflation rate compared to the same month in the previous year.
Food and non-alcoholic beverages were the major contributors to the rising inflation figure, accounting for 11.81 percent.
The World Bank had previously projected that the removal of fuel subsidies would contribute to the country’s increasing inflation. In its June 2023 Nigeria Development Update, the World Bank stated that the removal of the petrol subsidy is expected to temporarily increase inflation in the coming months before contributing to disinflation in the medium term.
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