Abuja, July 17, 2023 – Nigeria’s inflation rate rose to 22.79 percent in June from 22.41 percent in May, 2023, the National Bureau of Statistics (NBS) has reported.
The NBS gave the statistics in its “CPI and Inflation Report June 2023” report released on Monday.
“In June 2023, the Headline inflation rate rose to 22.79 percent relative to May 2023 headline inflation rate which was 22.41 percent,” it said,
According to NBS, the June 2023 Headline inflation rate showed an increase of 0.38 percent increase over the May 2023 headline inflation rate.
On year-on-year basis, the Headline inflation rate was 4.19 percent higher than the 18.6 percent recorded in June 2022
The 22.79 percent headline inflation rate is even lower that the figures touted by experts in the aftermath of the removal of petrol subsidy in June.
Yemi Kale, a former chief Executive of NBS, had predicted that the inflation rate could go up to 40 percent by the end of June. (GBS)
