Stephen Ukandu, Umuahia
Inflation rate in Nigeria has hit all-time-high of 22.79 per cent according to the National Bureau of Statistics.
The figure released Monday by the NBS is the data for the month of June 2023.
This shows that inflation rate in Nigeria has continued to soar in the past six months.
Ikengaonline checks revealed that inflation rate in Nigeria rose to a new 17-year high of 22.79 per cent in June 2023 from 22.41 per cent recorded in the month of May.
The NBS report obtained by Ikengaonline read in part: “In June 2023, the Headline inflation rate rose to 22.79 per cent relative to May 2023 headline inflation rate, which was 22.41 per cent. Looking at the movement, the June 2023 Headline inflation rate showed an increase of 0.38 percentage points when compared to May 2023 headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 4.19 percentage points higher compared to the rate recorded in June 2022, which was 18.60 per cent. 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).”
According to economists, the skyrocketing rate of inflation in the country is due to the fuel subsidy removal.
The World Bank had while reacting to the fuel subsidy removal, said it would trigger inflation in the country.
“The removal of the petrol subsidy is anticipated to cause a temporary increase in inflation in the upcoming months before contributing to disinflation in the medium term,” World Bank had predicted.
Virtually the price of every commodity especially food stuff has doubled since the removal of fuel subsidy.
President Bola Ahmed Tinubu, had last week declared emergency on food security following the soaring cost of food stuff in the country.