Nigeria’s headline inflation has maintained a progressive increase as it rose to 22.79% in June 2023 from the 22.41% recorded in May 2023.
The National Bureau of Statistics (NBS) which made this known in its June report stated that the headline inflation showed an increase of 0.38% points when compared to the figure recorded in May.
On a year-on-year basis, NBS reported that the headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%, showing that the headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).
On a month-on-month basis, the report showed that the headline inflation rate in June 2023 was 2.13%, 0.19% points higher than the rate recorded in May 2023 (1.94%); meaning that in June 2023, on average, the general price level was 0.19% higher relative to May 2023.
It further stated that the percentage change in the average CPI for the twelve months period ending June 2023 over the average of the CPI for the previous twelve months period was 21.54%, showing a 5.00% increase compared to 16.54% recorded in June 2022.
On a year-on-year basis, the urban inflation rate in June 2023 was 24.33%, 5.23% points higher compared to the 19.09% recorded in June 2022, while 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 12-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; 3.25% points higher compared to the 18.13% recorded in June 2022, while 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.
Since the removal of fuel subsidy was announced by President Bola Tinubu during his inauguration on May 29, pushing the prices of petrol from around N200 to over N500 per litre, food items, transport fares and others have continued to rise.