Breaking News: Nigeria’s inflation rises by 0.38% to hit 22.79% as hike in food prices bite harder

The National Bureau of Statistics (NBS) revealed on Monday that Nigeria’s annual inflation rate rose by 0.38 per cent to 22.79 per cent in June from 22.41 per cent in May.

The NBS said on a year-on-year basis, the headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.60 per cent.

“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),” it said.

According to the report, the food inflation rate quickened to 25.25 per cent in June from 24.82 per cent in May.

It would be recalled  that President Bola Tinubu had declared a state of emergency on food insecurity to tackle the increase in food prices.

Tinubu’s spokesperson, Dele Alake, said on Thursday, July 13, that the president is “not unmindful of the rising cost of food and how it affects the citizens.”

Food prices have been on the rise across Nigeria in recent years. The situation got worse as a result of the removal of subsidies on petrol of recent.