Nigeria’s economy faces a significant challenge as the country’s inflation rate soared to 22.79 per cent in June, marking a worrisome rise from 22.41 per cent recorded in the previous month.
The alarming figures were released by the National Bureau of Statistics (NBS) on Monday, causing concerns among policymakers and citizens alike.
The report indicated that June’s inflation rate saw a 0.38 per cent increase compared to the headline inflation rate of May 2023.
Even more troubling was the year-on-year comparison, revealing that the current inflation rate was a staggering 4.19 per cent points higher than that recorded in June 2022, which stood at 18.60 per cent.
“The Headline inflation rate (year-on-year basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022),” the NBS statement warned, highlighting the severity of the inflationary pressures on the economy.
Breaking down the data, the NBS reported that the food inflation rate had also accelerated, reaching 25.25 per cent in June, compared to 24.82 per cent in May.
This surge in food prices further compounds the economic challenges faced by many Nigerians, impacting their purchasing power and daily cost of living.