APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s inflation rate in June 2023 rose to 22.79%.
The NBS said in its monthly report of the Consumer Price Index, which measures inflation, that the June figure was 0.38% higher than the figure of 22.41% recorded in May this year.
It stated that on a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.
According to the report, items that contributed to the increase in the Headline index included Food & Non-Alcoholic Beverages, Housing Water, Electricity. Gas & Other Fuel, Clothing & Footwear, Transport, Furnishings & Household Equipment & Maintenance, Education, Health.
It added that the percentage change in the average CPI for the 12 months period ending June 2023 over the average of the CPI for the previous 12 months period was 21.54%, showing a 5.00% increase compared to 16.54% recorded in June 2022.
It explained that on a year-on-year basis, the Urban inflation rate in June 2023 was 24.33%, representing 5.23% points higher than 19.09% recorded in June 2022.
On a month-on-month basis, the Urban inflation rate was 2.31% in June 2023, which was 0.21% points higher compared to May 2023 (2.09%). The corresponding twelve month average for the Urban inflation rate was 22.38% in June 2023. This was 5.30% points higher compared to the 17.09% reported in June 2022.
“The Rural inflation rate in June 2023 was 21.37% on a year-on-year basis; this was 3.25% points higher compared to the 18.13% recorded in June 2022. On a month-on-month basis, the Rural inflation rate in June 2023 was 1.96%, up by 0.16% points compared to May 2023 (1.80%). The corresponding twelve months average for the Rural inflation rate in June 2023 was 20.76%. This was 4.75% points higher compared to the 16.02% recorded in June 2022,” it said.
On Food inflation, the NBS said that the rate in June 2023 was 25.25% on a year-on-year basis; representing 4.65% points higher relative to the rate recorded in June 2022 (20.60%).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.
On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).
“The average annual rate of Food inflation for the 12 months ending June 2023 over the previous twelve month average was 24.03%, this was 5.41% points increase from the average annual rate of change recorded in June 2022 (18.62%),” it added.
GIK/APA