Naira Loses More Buying Power as Nigeria's Inflation Rate Surges to 22.7%, now 11th Worst in Africa

• Nigeria's inflation has once again increased in June, thereby plunging more Nigerians into poverty
• The figure, which was made public by the NBS, indicates that Nigerians spend more to buy food, goods, and other household items
• Based on the latest inflation rate of 22.7%, Nigeria now has the 11th worst inflation rate among African countries

The National Bureau of Statistics (NBS) has disclosed that the consumer price index (CPI), which measures the rate of change in the prices of goods and services, rose to 22.79% in June 2023, up from 22.41% in the previous month.

NBS disclosed this in its latest CPI report released on Monday, July 17, 2023, and obtained by Legit.ng.

Breakdown of June inflation

According to NBS, the June inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

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The NBS also said on a year-on-year basis, the headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%

Part of the report reads:

“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 Inflation

NBS also revealed that food inflation, an essential indicator of how Nigerian households struggle, increased again in June to 25.25% from 24.82% in May.

Increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs caused the rise in food inflation year-on-year.

Nigeria inflation ranking

The latest inflation rate means Nigeria now officially has the 11th worst inflation figure in Africa, according to data from Trading Economics.

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Here is the list of countries with the worst inflation rate in Africa.

• Nigeria: 22.79%
• Sao Tome and Principe: 23.2%
• Congo: 26.67%
• Burundi: 28.9%
• Malawi: 29.2%
• Ethiopia: 29.3%
• Egypt: 35.7%
• Ghana: 42.5%
• Sierra Leone: 44.43%
• Sudan: 63.3%
• Zimbabwe: 176%

Legit.ng weekly price check: Rice sellers groan as bag sells for N32,000 in popular Lagos market

Meanwhile, in another report, Legit.ng showed first-hand that the rise and fall of food prices have become the new normal in the Lagos market.

The report revealed food prices increased by over 5% at the market, with traders and buyers lamenting the situation.

Source: Legit.ng