As Inflation Hits 22.79%, Economists Decry High Production Costs

Nigeria’s headline inflation rate rose for the sixth consecutive time to 22.79 per cent in June 2023, the data released on Monday by the National Bureau of Statistics revealed.

The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent in the previous month.

King Victor Nigeria Enterprises

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.

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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.

King Victor Nigeria Enterprises

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