The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 22.79% in June 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for June, which was released in Abuja on Monday, July 17, 2023. According to the report, the figure is 0.38% points higher compared to the 22.41% recorded in May.
It said on a year-on-year basis, the headline inflation rate in June was 4.19% higher than the rate recorded in June 2022 at 18.6%.
“This shows that the headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same period in May 2022.”
The report said the contributions of items on the divisional level to the increase in the headline index are food and non-alcoholic beverages at 11.81% and housing, water, electricity, gas and other fuel at 3.81%.
Others are clothing and footwear at 1.74%; transport at 1.48%; furnishings, household equipment and maintenance at 1.15% and education at 0.9%, and health at 0.68%.
“Miscellaneous goods and services at 0.38%; restaurant and hotels at 0.28%; alcoholic beverage, tobacco and kola at 0.25%; recreation and culture at 0.16 per cent, and communication at 0.15%.”
It said the percentage change in the average CPI for the 12 months ending June over the average of the CPI for the previous 12 months period was 21.54%.
“This indicates a 5.00% increase compared to 16.54% recorded in June 2022.”
The report said the food inflation rate in June was 25.25% on a year-on-year basis, which was 4.65% higher compared to the rate recorded in June 2022 at 20.6%.
“The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”
It said on a month-on-month basis, the food inflation rate in June was 2.4%, which was a 0.21% rise compared to the rate recorded in May at 2.19%. The report said the “All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 20.27% in June on a year-on-year basis.
“This increased by 4.53% compared to 17.75% recorded in June 2022.’’
It said the highest increases were recorded in prices of passenger transport by air and road, gas, vehicles spare parts, liquid fuel, fuels and lubricants for personal transport equipment, medical services, etc. The NBS said on a month-on-month basis, the core inflation rate was 1.74% in June 2023.
“This indicates a 0.07% drop compared to what was recorded in May 2023 at 1.81%.”
“The average 12-month annual inflation rate was 18.71% for the 12 months ending June 2023, this was 4.65% points higher than the 14.06% recorded in June 2022.”
The report said on a year-on-year basis in June, that the urban inflation rate was 24.33%, which was 5.23% higher compared to the 19.09% recorded in June 2022.
“On a month-on-month basis, the urban inflation rate was 2.31 per cent in June representing a 0.21% rise compared to May 2023 at 2.00%.’’
The report said on a year-on-year basis in June, the rural inflation rate was 21.37%, which was 3.25% higher compared to the 18.13% recorded in June 2022.
“On a month-on-month basis, the rural inflation rate in June was 1.96%, which increased by 0.16% compared to May 2023 at 1.80%.’’
On states’ profile analysis, the report showed in June, all items inflation rate on a year-on-year basis was highest in Lagos at 25.75%, followed by Ondo at 25.4%, and Kogi at 25.23%.
It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.4%, followed by Zamfara at 20.93% and Ekiti at 21.06%.
The report, however, said in June 2023, all items inflation rate on a month-on-month basis was highest in Ogun at 3.21%, Plateau at 3.05%, and Jigawa at 3%.
“Zamfara at 1.40%, followed by Delta at 1.42% and Rivers at 1.54% recorded the slowest rise in month-on-month inflation.”
The report said food inflation in June, on a year-on-year basis, was highest in Kwara at 30.8%, followed by Lagos at 30.37%, and Kogi at 29.71%.
“Zamfara at 21.38%, followed by Sokoto at 21.60% and Borno at 21.75% recorded the slowest rise in food inflation on a year-on-year basis.’’
The report, however, said on a month-on-month basis, in June, food inflation was highest in Kwara at 3.82%, followed by Abuja at 3.64% and Ogun at 3.56%.
“With Rivers at 0.75%, followed by Zamfara at 1.33% and Adamawa at 1.47% recorded the slowest rise on month-on-month food inflation.’’