According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased significantly from May 2023’s 22.41% to June 2023’s 22.79%.
The Bureau’s “CPI and Inflation Report June 2023,” which was published on Monday, included this information.
The document said: “In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%.”
The headline inflation rate for June 2023 increased by 0.38% points when compared to the headline inflation rate for May 2023, according to NBS, which looked at the movement.
The inflation rate was 4.19% points higher on an annual basis than the rate registered in June 2022, which was 18.60%.
According to NBS, this indicates that, when compared to the same month the year before, the headline inflation rate increased in June 2023.
Inflation in Africa’s biggest economy, Nigeria, has been at the highest level in 17 years since July last year, eroding savings and incomes, and prompting the Central Bank of Nigeria (CBN) to hike the country’s benchmark interest rate, popularly known as Monetary Policy Rate (MPR) to their highest level in nearly two decades.
In May 2023, the CBN raised interest rates for the seventh consecutive time to 18.5 percent from 18 percent in March. Within a period of one year, the apex bank has increased MPR by 700 basis points from 11.5 percent in April 2022.
The CBN has allegedly taken both conventional and unconventional ways to reduce inflation in Nigeria, but to no avail, claims FDC.
President Tinubu announced the end of the fuel subsidy in his inaugural speech in May. Fuel prices nationwide increased by an average of 174.6 percent from their price a month earlier in the three hours following the speech.
Fuel is currently retailing in Africa’s most populous country for an average of N526.7 per litre, up from an average of N191.8 per litre one month ago.