Nigeria’s Inflation Sustains Steady Increase, Hits 22.79 Percent In June, NBS Report

By CLEMENT NWOJI, Abuja

The Nigeria’s inflationary trend for the month of June, 2023 has sustained a steady increase hitting 22.79 percent or 0.38 percent increase more than 22.41 percent recorded in the month of May, 2023.

Category of cost of items which stimulated the month of June inflation include mainly Food and Non-Alcoholic Beverages
which contributed 11.81 percent while these were followed by cost of Housing, Water, Electricity; Gas and Other Fuel contributed 3.81 percent in the table below:

The National Bureau of Statistics (NBS) disclosed these in its latest report on Consumers Price Index, explaining further that the on year-on-year, the Urban inflation rate in June 2023 was 24.33% while that of Rural inflation rate in June 2023 was 21.37%.

According to NBS, “In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%.

“Looking at the movement, the June 2023 Headline inflation rate
showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

“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%. This shows 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 Headline inflation rate in June 2023 was 2.13%, this was
0.19% points higher than the rate recorded in May 2023 (1.94%). This means that in June
2023, on average, the general price level was 0.19% higher relative to May 2023

“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%, this was 5.23%
points higher compared to the 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.”