Nigeria’s Inflation Rate Surpasses The Inflation Rate of 22.41% Recorded in May 2023

The National Bureau of Statistics revealed that the headline inflation rate for Nigeria hit a new high of 22.79% for June 2023. 

This marked the sixth consecutive increase in inflation over recent times. 

In May 2023, the inflation figure was 22.41%, which is lower than June but still high nevertheless. 

This rise correlates with an increase of 0.38% decrease in May's inflation figures. 

Examining the changes year-on-year, June 2023's inflation was higher by 4.19% compared to June 2022's figures, which sat at 18.60%. 

The items driving the increase in inflation rates were food and non-alcoholic beverages, which constituted 11.81% of all factors.

This recent development showcases the continued struggle for Nigerians to maintain their purchasing power, and the government is devising ways to curb the situation. 

Recently, the Central Bank of Nigeria stated that it would increase interest rates to counter inflationary pressures. 

Other measures were implemented to curtail the pressures on the economy, including the re-introduction of import duties, expansion of the agricultural sector, and scaling up local production initiatives.

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