Inflation Jumps To 22.79 % in June
By Patience Ikpeme
The inflation rate in Nigeria saw a continuous rise in the month of June, reaching 22.79 percent compared to the previous month’s rate of 22.41 percent. This information was reported by the National Bureau of Statistics (NBS) in a released report on Monday. The report indicated that there was an increase in food inflation both on a monthly and yearly basis. Prices of items such as oil and fat, bread and cereals, fish, potatoes, yam, fruits, meat, vegetables, milk, cheese, and eggs all experienced increases.
On a year-on-year basis, the food inflation rate in June 2023 was 25.25%, which was 4.65% higher than the rate recorded in June 2022. Similarly, on a month-on-month basis, the food inflation rate in June 2023 was 2.40%, indicating a slight increase compared to May 2023. The average annual rate of food inflation for the twelve months ending in June 2023 was 24.03%, showing a 5.41% increase from the previous year.
Overall, the inflation rate in June 2023 was 4.19% higher compared to June 2022, highlighting an increase in headline inflation. Urban inflation in June 2023 was 24.33%, which was notably higher compared to the same month in the previous year. In rural areas, the inflation rate in June 2023 was 21.37%, showing an increase from June 2022.
The inflation rate varied across states in June 2023. Lagos, Ondo, and Kogi recorded the highest all items inflation on a year-on-year basis, while Borno, Zamfara, and Ekiti had the slowest rise. On a month-on-month basis, Ogun, Plateau, and Jigawa experienced the highest increases, while Zamfara, Delta, and Rivers had the slowest rise in inflation.
In terms of food inflation on a year-on-year basis, Kwara, Lagos, and Kogi had the highest rates, while Zamfara, Sokoto, and Borno had the slowest rise. On a month-on-month basis, Kwara, Abuja, and Ogun had the highest food inflation, while Rivers, Zamfara, and Adamawa had the slowest rise.
Financial experts have predicted that the country’s inflation could reach 30% by the end of the year due to the removal of fuel subsidy and the adoption of a unified foreign exchange policy.
