Inflation hits 22.79% as prices rise for 6th consecutive month

Nigeria’s annual inflation rate has increased for the 6th consecutive month, hitting 22.79 per cent in June up from 22.41 per cent in May.

The National Bureau of Statistics in its latest consumer price index report published on Monday, noted that the June inflation rate showed an increase of 0.38 per cent points when compared to May 2023 headline inflation rate.

The NBS said on a year-on-year basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.60 per cent.

According to the report, the food inflation rate spiked to 25.25 per cent in June from 24.82 per cent in May.