Nigeria’s Inflation Rate Soars to 22.79% Amidst Skyrocketing Food Prices

Nigeria’s inflation rate has risen to 22.79 percent in June 2023, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

This marks the sixth consecutive rise in the country’s inflation rate this year, indicating a growing concern over high food prices.

The report states, “In June 2023, the headline inflation rate rose to 22.79% relative to May 2023, which was 22.41%.” It further explains that the June 2023 headline inflation rate increased by 0.38% compared to May 2023. On a year-on-year basis, the headline inflation rate was 4.19% points higher than the rate recorded in June 2022, which was 18.60%. This demonstrates an upward trend in inflation, indicating a higher cost of living than the previous year.

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When analyzing the month-on-month basis, the report reveals that the headline inflation rate in June 2023 was 2.13%, 0.19% points higher than the rate recorded in May 2023 (1.94%). In simple terms, this means that, on average, the general price level was 0.19% higher in June 2023 than in May 2023.

The food inflation rate also experienced an increase, reaching 25.25% in June 2023, compared to the 24.82% recorded in the previous month. The NBS attributes this rise to the increased prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.

Interestingly, the NBS report highlights regional variations in food inflation. Residents in Sokoto, Zamfara, and Borno paid less for food in June than in other regions. The report states, “In June 2023, food inflation on a year-on-year basis was highest in Kwara (30.80%), Lagos (30.37%), and Kogi (29.71%), while Zamfara (21.38%), Sokoto (21.60%), and Borno (21.75%) recorded the slowest rise in food inflation on a year-on-year basis.”

However, when considering the month-on-month basis, Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%) experienced the highest food inflation rates, while Rivers (0.75%), Zamfara (1.33%), and Adamawa (1.47%) recorded the slowest rise in food inflation.

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