BREAKING: Nigeria’s Inflation Rate Hits 22.79% In June | READ MORE

Nigeria’s Inflation rate has hit 22.79% in June 2023 according to the National Bureau of Statistics (NBS).

According to the “CPI and Inflation Report June 2023,” released by the Bureau on Monday, July 17, the rate increased from 22.41% in May 2023, to 22.79% in June 2023 (0.38% points ).

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

The document said 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%.

NBS said 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).