In June 2023, Nigeria witnessed a significant increase in its inflation rate, as reported by the National Bureau of Statistics. The consumer price index (CPI), which measures the changes in prices of goods and services, rose to 22.79%, up from the previous month’s rate of 22.41%. This indicates a 0.38% increase in inflation compared to May 2023.
The report also highlights the major contributors to the surge in food inflation on a year-on-year basis. Prices of essential food items such as oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, milk, cheese, and eggs experienced significant increases. These price hikes played a significant role in driving up the overall inflation rate in the country.
