Nigeria’s headline inflation rate rose year-on-year (YoY) by 0.38 percentage points to 22.79 per cent in June from 22.41 per cent in May.

The National Bureau of Statistics, NBS, disclosed this today in its Consumer Price Index for June 202

The statistics office said the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.

NBS also said that the food inflation rate quickened YoY to 25.25 per cent in June from 24.82 per cent in May.

The bureau said:”In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate which was 22.41 per cent. “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 YoY basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.6 per cent. This shows that the headline inflation rate (YoY basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33 per cent, this was 5.23 per cent points higher compared to the 19.09 per cent recorded in June 2022.

“The Rural inflation rate in June 2023 was 21.37 per cent on a YoY basis; this was 3.25 percentage points higher compared to the 18.13 per cent recorded in June 2022.”

On food inflation, it said;”The food inflation rate in June 2023 was 25.25 per cent on a YoY basis; this was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.6 per cent).

“The rise in Food inflation on a YoY 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. “