BREAKING: The inflation rate in Nigeria surged to 22.79% in June, marking a significant increase

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According to data released on Monday by the National Bureau of Statistics, Nigeria's headline inflation rate continued to rise for the sixth consecutive time, reaching 22.79% in June 2023. This marks a new 17-year high, surpassing the previous month's rate of 22.41%.

The report from the NBS states, "In June 2023, the headline inflation rate increased to 22.79% compared to the May 2023 headline inflation rate of 22.41%. The June 2023 headline inflation rate showed a rise of 0.38 percentage points compared to the previous month."

Furthermore, on a year-on-year basis, the headline inflation rate in June 2023 was 4.19 percentage points higher than the rate recorded in June 2022, which was 18.60%. This indicates that the year-on-year headline inflation rate increased in June 2023 when compared to the same month in the previous year (June 2022).

The rising inflation figure was primarily driven by the cost of food and non-alcoholic beverages, which accounted for 11.81% of the overall increase.

According to the World Bank's June 2023 Nigeria Development Update, it was projected that the removal of fuel subsidies would contribute to the country's increasing inflation. The report stated that the elimination of petrol subsidies is expected to cause a temporary inflationary spike in the coming months but is anticipated to lead to disinflation in the medium term.

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