The National Bureau of Statistics (NBS) has reported that Nigeria’s annual inflation rate increased to 22.79% as at June, 2023
This is contained in the latest CPI report released on Monday by the National Bureau of Statistics (NBS).
The consumer price index (CPI) measures the rate of change in prices of goods and services and farm products.
According to the NBS, the June 2023 inflation rate showed a significant increase of 4.19% points compared to June 2022.
This indicates a higher year-on-year inflation rate for June 2023 compared to the same month in the previous year.
The report also indicated that the food inflation rate quickened to 25.25 per cent in June from 24.82 per cent in May.
In his inaugural address on May 29, President Bola Tinubu announced the removal of fuel subsidy in Nigeria.
As a result, the Nigerian National Petroleum Company Limited (NNPCL) instructed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, a steep increase of nearly 200% compared to the initial price below N200.
This sudden price hike immediately led to a rise in transportation fares and the cost of goods and services, with varying percentage increases.