High food Prices push inflation to 22.79 percent

The Nigerian Bureau of Statistics has stated that the Headline inflation rate for June rose to 22.79% when compared to the 22.41 percent recorded in May.

The NBS in its monthly Consumer Price Index (CPI) report which was released on Monday said the increase was 0.38 percent points but on 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 percent.

It stated that the increase was caused by increases in prices of Oil and fat, Bread and Cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

Others include Passenger Transport by Air, Gas, Vehicles Spare Parts, Liquid Fuel, Fuels and Lubricants for Personal Transport Equipment, Medical Services, Passenger Transport by Road etc.

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It added that Food inflation rate in June 2023 was 25.25 percent on a year-on-year basis, which was a 4.65 percent points higher relative to the rate recorded in June 2022 (20.60 percent).

While On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).

“The average annual rate of Food inflation for the twelve months ending June 2023 over the previous twelve month average was 24.03%, this was 5.41% points increase from the average annual rate of change recorded in June 2022 (18.62%).”