The National Bureau of Statistics (NBS) has announced that the inflation rate climbed from 22.41% in May 2023 to 22.79% in June 2023.

This was contained in the “CPI and Inflation Report June 2023,” that the Bureau released on Monday.

The document said: “In June 2023, the Headline inflation rate rose to 22.79% relative to May 2023 headline inflation rate which was 22.41%.”

The NBS said the June 2023 Headline inflation rate showed an increase of 0.38% points when compared to May 2023 headline inflation rate.

The document added that the headline inflation rate was 4.19% points higher year on year than the rate reported in June 2022, which was 18.60%.

The bureau said:”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% points when compared to May 2023 headline inflation rate.

“On a YoY basis, the Headline inflation rate was 4.19 per cent points higher compared to the rate recorded in June 2022, which was 18.6 per cent. This shows that the headline inflation rate (YoY basis) increased in June 2023 when compared to the same month in the preceding year (i.e., June 2022).

“On a year-on-year basis, the Urban inflation rate in June 2023 was 24.33 per cent, this was 5.23 per cent points higher compared to the 19.09 per cent recorded in June 2022.

“The Rural inflation rate in June 2023 was 21.37 per cent on a YoY basis; this was 3.25 percentage points higher compared to the 18.13 per cent recorded in June 2022.”

”The food inflation rate in June 2023 was 25.25 per cent on a YoY basis; this was 4.65 percentage points higher relative to the rate recorded in June 2022 (20.6 per cent).

“The rise in Food inflation on a YoY basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.”