By Chris Agabi
Latest data from the Nigerian Bureau of Statistics (NBS) shows that the headline inflation has surged to 22.79 percent as against 24.03 percent in June 2022.
In May 2023, inflation peaked at 22.41 percent. The surge was propelled by the rise in transportation fare, fuel cost and food items, the NBS data show.
The NBS monthly Consumer Price Index (CPI) report which was released on Monday indicated the increase was 0.38 percent points but on 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 percent.
It stated that the increase 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.
Others include Passenger Transport by Air, Gas, Vehicles Spare Parts, Liquid Fuel, Fuels and Lubricants for Personal Transport Equipment, Medical Services, Passenger Transport by Road etc.
It added that Food inflation rate in June 2023 was 25.25 percent on a year-on-year basis, which was a 4.65 percent points higher relative to the rate recorded in June 2022 (20.60 percent).
While 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 twelve 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 said..
