Fakoyejo OlalekanThe National Bureau of Statistics (NBS) has released its Consumer Price Index (CPI) for the month of June, which disclosed inflation soared to 22.79 per cent.
In the month before, the inflation rate was put at 22.41 per cent. This is a 0.38 increase, but recorded a 4.19 per cent year-on-year rise.
NBS reported that: “On a year-on-year basis, the Headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.
“This shows that 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 CPI report stated that on a month-on-month basis, the Headline inflation rate in June 2023 was 2.13%, which was 0.19% points higher than “the rate recorded in May 2023 (1.94%). This means that in June 2023, on average, the general price level was 0.19% higher relative to May 2023,” NBS said.
In the month in review, it was gathered that the food inflation rate was 25.25 per cent, up from 24.82 per cent, with Kwara, Lagos and Kogi leading the states with the highest food inflation rate year-on-year.
“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,” the CPI noted.
It added that: “On a month-on-month basis, however, June 2023 Food inflation was highest in Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%), while Rivers (0.75%), Zamfara (1.33%) and Adamawa (1.47%) recorded the slowest rise in Food inflation on a month-on-month basis.”
NBS revealed that the increase in food inflation was influenced by skyrocketing prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.
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