Nigeria’s headline inflation elevated to 22.79% in June, pushed by an increase within the costs of food.
According to the National Bureau of Statistics Consumer Price Index (CPI) and Inflation Report for June 2023, Nigeria’s headline inflation price has elevated to 22.79%, year-on-year from 18.60% recorded in June 2022. On a month-on-month foundation, the figures rose 2.13% from 1.94% in May 2023 figures. Nigeria’s inflation price continues its uptrend regardless of a number of financial measures by the central financial institution to tame the rising charges.
On a divisional degree, inflation was majorly pushed by food at 11.81%, adopted by, housing, water, electrical energy and gas (3.81%), clothes and footwear (1.74%), and transport (1.48%), amongst others. Food inflation was up by 25.25% on a year-on-year foundation in June 2023; greater than the speed recorded in June 2022 (20.60%). Food inflation was pushed by will increase within the costs of oil and fats, bread and cereals, fish, potatoes, yam and fruits.
States should not neglected
On a year-on-year foundation, Lagos had the best inflation price (25.75%), adopted by Ondo (25.40%), and Kogi (25.23%), whereas Borno (20.44%), Zamfara (20.93%) and Ekiti (21.06%) recorded the slowest rise in headline inflation. Global Chief Economist, Renaissance Capital, Charles Robertson, notes that the inflation information is sweet information, owing to the truth that the inhabitants is reeling from President Tinubu’s financial insurance policies of the international change devaluation, and gas subsidy removing. “Relatively good news from Nigeria’s inflation figure – with a rise to only 22.8% YoY, despite the official FX rate devaluation from roughly NGN460/$ to closer to NGN800/$. There could be more to come in July of course,” he tweeted.
…. to be continued
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