Nigeria’s Inflation surges all time high to 22.79% – NBS

The National Bureau of Statistics (NBS) said on Monday that Nigeria’s annual inflation rate increased to 22.79% in June from 22.41% the previous month.

This is a record high in Nigeria’s inflation trend.

The statistics agency reported that when compared to the headline inflation rate from May 2023, the June inflation rate increased by 0.38 percentage points.

On a year on year basis, the headline inflation rate was 4.19 percent points higher than the 18.60 percent recorded in June 2022, according to the NBS

“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, June 2022,” the report read.

Data from the statistics bureau revealed that the food inflation rate rose in June from 24.82 per cent in May to 25.25 per cent in June.

The continued rise comes as the president Bola Tinubu administration removed subsidy on fuel.

Recall that President Tinubu had during his inauguration as Nigeria’s President, removed subsidy on fuel.

After the announcement, the Nigerian National Petroleum Company Limited (NNPCL) instructed all of its shops to sell petrol for between N480 and N570 per litre, an almost 200 percent increase from the initial price of less than N200.

A variety of percentage points were added to the prices of goods and services as well as transportation costs as soon as the hike took effect.

As a result of persistently high inflation in the biggest economy in Africa, the central bank raised interest rates to their highest levels in almost two decades.

The Central Bank of Nigeria increased its benchmark lending rate to 18.5% in May as part of a determined effort to control the country’s inflationary pressure.

Mr Tinubu had earlier declared an immediate State of Emergency on food insecurity to tackle the increase in food prices.

The president also instructed that “all matters pertaining to food & water availability and affordability, as essential livelihood items, be included within the purview of the National Security Council.”