Nigeria’s Consumer Price Index (CPI) witnessed a notable increase, reaching 22.79% in June compared to the 22.41% recorded in May 2023. This information was revealed in the latest CPI report released by the National Bureau of Statistics (NBS) on Monday.

The CPI serves as a measure of the rate of change in prices of goods and services across various sectors. The NBS report stated, “In June 2023, the headline inflation rate rose to 22.79% relative to May 2023, indicating an increase of 0.38% points compared to the previous month.”

The report further highlighted a significant surge in food inflation, which soared to 25.25% on a year-on-year basis. This figure surpasses the 20.60% recorded in June 2022. Within the month under review, food prices experienced a 2.40% increase, marking a 0.21% point rise from the previous month, May 2023.

Comparing the year-on-year basis, the report revealed a 4.19% higher food inflation rate compared to the 18.60% recorded in June 2022. This suggests a significant increase in food prices over the past year.

The NBS emphasized, “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 observation underscores the upward trajectory of the headline inflation rate in June 2023, compared to the corresponding month in the previous year.

The rising CPI and food inflation rates pose significant challenges to consumers, as the cost of living continues to surge. It necessitates increased attention and proactive measures from the government, policymakers, and relevant stakeholders to address the inflationary pressures and ensure stability in the economy.

The NBS report serves as a crucial tool for policymakers, economists, and businesses to analyze the current state of inflation and make informed decisions. Monitoring and addressing the factors contributing to inflation will be essential in promoting economic growth and alleviating the impact on consumers.