The Nigerian government declared a food price emergency after the latest data from the National Bureau of Statistics (NBS) showed that the country’s inflation rate had gone up by 0.38% to 22.79%. The NBS said the June inflation figure does not “fully capture the impact of the fuel subsidy removal and the unification of the exchange rate.”
Naira Depreciation
According to data from the Nigerian National Bureau of Statistics, the country’s June inflation rate rose to 22.79%. The nearly 0.4% increase from the May figure of 22.41% is the sixth consecutive time the rate has gone up prompting the Nigerian government to declare a food price emergency.
In its latest report, the NBS also said the West African nation’s “headline inflation rate was 4.19% points higher compared to the rate recorded in June 2022, which was 18.60%.” The data from NBS also showed that in the past twelve months, Dec. 2022 is the only month when the inflation rate dropped.
The June Consumer Price Index (CP
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