The headline inflation rate for the month of June 2023 rose to 22.79% compared to May 2023 headline inflation rate which was 22.41%, indicating a 0.38 percent increase.
In the June Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), On a year-on-year basis, the headline inflation rate was 4.19 % points higher than the rate recorded in June 2022, which was 18.60%.
A statement on Monday, the Statistician-General of the Federation, Prince Adeyemi Adeniran attributed it to increase in the prices of some items in the basket of goods and services at the divisional level.
They are food & non-alcoholic beverages (11.81%), housing, water, electricity, gas & other fuel (3.81%), clothing & footwear (1.74%), transport (1.48%), furnishings & household equipment & maintenance (1.15%), education (0.90%) and health (0.68%). others are miscellaneous goods & services (0.38%), restaurants & hotels (0.28%), alcoholic beverages, tobacco & kola (0.25%), recreation & culture increased by 0.16% and communication also increased by 0.15%.
Urban and Rural Inflation
The inflation rate in June 2023 for Urban consumers was 24.33% on a year-on-year basis. This indicated an increase of 5.23% points higher than the 19.09% recorded in June 2022. Similarly, month-on-month Urban inflation rate rose to 2.31% in June 2023, which was 0.21% points higher compared to May 2023 (2.09%).
Similarly, the inflation rate for rural consumers in the month under review was 21.37% on a year-on-year basis; this was 3.25% points higher than the 18.13% recorded in June 2022. On a month-on-month basis, the Rural inflation rate in June 2023 was 1.96%, up by 0.16% points compared to May 2023 (1.80%).
Inflation by States
The analyses of the states show that the all-item index for June 2023, on a year-on-year basis was highest in Lagos (25.75%), Ondo (25.40%), Kogi (25.23%). Borno (20.44%), Zamfara (20.93%) and Ekiti (21.06%) recorded the slowest rise in headline inflation on a year-on-year basis, respectively.
On a month-on-month basis, June 2023 recorded the highest increases in Ogun (3.21%), Plateau (3.05%), and Jigawa (3.00%). On the other hand Zamfara (1.40%), Delta (1.42%) and Rivers (1.54%) recorded the slowest rise on month-on-month inflation.
State level analyses of the food index in June 2023, on a year-on-year basis, showed the highest increases in Kwara (30.80%), Lagos (30.37%), and Kogi (29.71%), respectively. While Zamfara (21.38%), Sokoto (21.60%) and Borno (21.75%) recorded the slowest rise in Food inflation on a year-on-year basis.
On a month-on-month basis, Food inflation for June 2023 was highest in Kwara (3.82%), Abuja (3.64%), and Ogun (3.56%), while Rivers (0.75%), respectively. Zamfara (1.33%) and Adamawa (1.47%) recorded the slowest rise in Food inflation rate on a month-on-month basis.
