Nigeria’s Consumer Price Index (CPI) climbed to 22.79% in June, marking an increase from the 22.41% recorded in May 2023, as reported 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. The latest CPI report highlighted a rise of 0.38% points in the headline inflation rate for June 2023 compared to the previous month.
Of particular concern is the significant surge in food inflation, which reached 25.25% on a year-on-year basis, surpassing the 20.60% figure observed in June 2022. Food prices in June 2023 rose by 2.40%, representing an increase of 0.21% points compared to May 2023.
When examining the year-on-year rate, the report revealed a 4.19% rise in food inflation, reflecting a substantial increase from the 18.60% rate recorded in June 2022.
“The headline inflation rate for June 2023 showed a 4.19% point increase compared to the rate observed in the same month the previous year, June 2022,” the Bureau stated. This demonstrates a clear escalation in the headline inflation rate on a year-on-year basis.
The data underscores the persistent challenges faced by consumers, with rising prices affecting the affordability of essential food items. The government and relevant stakeholders will need to address these inflationary pressures to mitigate the impact on the population.
As Nigeria grapples with high inflation, efforts to stabilize prices and stimulate economic growth are imperative. The government’s policies and interventions will play a crucial role in addressing these concerns and ensuring a more stable and sustainable economic environment for the country.
Policymakers are expected to closely monitor the situation and implement appropriate measures to curb inflationary pressures while promoting investment and productivity in key sectors of the economy.