·         Nigeria’s inflation rate rose to 22.79% in the month of June 2023, representing 0.38% points increase from 22.41% recorded in the previous month.

·         This is contained in the recently released consumer price index report by the National Bureau of Statistics (NBS).

·         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).

·         Food and non-alcoholic beverages (11.81%) led the list of items that contributed to inflation based on the divisional level.

·         Housing water, electricity, gas, and other fuel followed with 3.81%, while communication at 0.15% was the least on the list.

·         The uptick in the inflation rate was largely driven by the food index, as food inflation accelerated to 25.25% in the review month compared to 24.82% recorded in May 2023.

·         On a month-on-month basis, the Food inflation rate in June 2023 was 2.40%, this was 0.21% points higher compared to the rate recorded in May 2023 (2.19%).