Nigeria’s inflation rate in June was 22.79%.

According to figures from the National Bureau of Statistics released Monday, Nigeria’s headline inflation rate increased for the sixth consecutive month in June 2023, reaching 22.79%.

In June 2023, up from 22.41 percent the previous month, the inflation rate in Africa’s largest economy reached a fresh 17-year high of 22.79 percent.

The NBS report read, “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage points when compared to May 2023 headline inflation rate.

“On a year-on-year basis, the Headline inflation rate was 4.19 percentage 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).”

Food and non-alcoholic beverages were the main categories that increased inflation by 11.81 percent.

The World Bank had predicted that the elimination of the fuel subsidy would result in a rise in inflation in the nation.

According to the bank’s June 2023 Nigeria Development Update, “The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term.”