Food price increases as Nigeria’s inflation rises to 22.79%

According to the latest data released by the Nigerian Bureau of Statistics (NBS), Nigeria’s inflation rate rose by 0.38% to reach 22.79% in June 2023.

This marks the sixth consecutive increase in inflation this year and is also the highest month-to-month increase so far.

This announcement comes as the first inflation figure released since President Bola Tinubu assumed office on May 29.

The rise in inflation is likely linked to several economic policies implemented since Tinubu’s inauguration.

These policies include the removal of fuel subsidy, the devaluation of the naira in the exchange rate market, and controversies surrounding tax and household electricity tariffs.

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The NBS reported that the inflation rate increased from 22.41% in May 2023 to 22.79% in June 2023.

On a year-on-year basis, the headline inflation rate was 4.19% higher compared to the same month in the previous year, reaching 18.60% in June 2022.

Furthermore, the data revealed that the urban inflation rate in June 2023 was 24.33%, while the rural inflation rate stood at 21.37%.

Additionally, the NBS data indicated that food inflation increased to 25.25%, which is 4.65% higher than the rate recorded in June 2022.

This rise in food inflation was primarily driven by price increases in oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.

On a month-on-month basis, the food inflation rate in June 2023 was 2.40%, representing a 0.21% increase compared to May 2023 (2.19%).

The average annual rate of food inflation for the twelve months ending in June 2023 was 24.03%, indicating a 5.41% increase from the average annual rate recorded in June 2022 (18.62%).

In terms of regional variations, Lagos (25.75%), Ondo (25.40%), and Kogi (25.23%) had the highest year-on-year inflation rates in June 2023, while Borno (20.44%), Zamfara (20.93%), and Ekiti (21.06%) recorded the slowest rise.

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