In June 2023, the inflation rate in Nigeria reaches a new high of 22.79%, the highest level since September 2005.The rise in inflation is largely caused by rising food prices and the end of petroleum subsidies.
Due to the loss of the gasoline subsidy and the floating exchange rate, consumer costs have continued to climb.
Nigeria’s inflation rate climbed from 22.41% in May 2023 to 22.79% in June 2023, a change of 0.38% points. The most recent consumer price index data from the National Bureau of Statistics (NBS) is where this information is taken from.
A measure of how quickly prices for goods and services rise, the consumer price index (CPI), increased from 22.41% in May 2023 to 22.79% in June 2023. On an annual basis, the headline inflation rate was 4.19% points higher than the rate, which was at 18.60% in June 2022.