Nigeria’s headline inflation continued its upward trend, reaching 22.79% in June 2023, compared to 22.41% recorded in May 2023, according to the National Bureau of Statistics (NBS). This represents a 0.38% increase from the previous month’s figure.
On a year-on-year basis, the headline inflation rate in June 2023 was 4.19% higher than the rate recorded in June 2022, which stood at 18.60%. This indicates an increase in the headline inflation rate when comparing the same month from the previous year.
Analyzing the data on a month-on-month basis, the report reveals that the headline inflation rate in June 2023 was 2.13%, marking a 0.19% increase from May 2023 (1.94%). This suggests that, on average, the general price level in June 2023 was 0.19% higher compared to May 2023.
The NBS report also indicates that the percentage change in the average Consumer Price Index (CPI) for the twelve-month period ending in June 2023 was 21.54%, reflecting a 5.00% increase compared to the 16.54% recorded in June 2022.
In terms of urban inflation, the year-on-year rate in June 2023 was 24.33%, representing a 5.23% increase from the 19.09% recorded in June 2022. On a month-on-month basis, the urban inflation rate in June 2023 stood at 2.31%, indicating a 0.21% increase from May 2023 (2.09%).
For rural areas, the year-on-year inflation rate in June 2023 was 21.37%, marking a 3.25% increase from 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% from May 2023 (1.80%).
The corresponding twelve-month average for rural inflation in June 2023 was 20.76%, reflecting a 4.75% increase compared to the 16.02% recorded in June 2022.
The recent removal of fuel subsidies, announced by President Bola Tinubu during his May 29 inauguration, has led to a significant increase in petrol prices, from around N189 to over N520 per litre.
This has resulted in rising prices for food items, transportation fares, and other commodities
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