News
BREAKING: Nigeria’s Inflation Rate Hits 22.79% Amid High Food Prices
The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, rose to 22.79% in June 2023, an addition to the 22.41% recorded in May.
This is contained in the CPI report released on Monday, July 17, by the National Bureau of Statistics (NBS).
Recall that President Bola Tinubu had declared a state of emergency on food insecurity to tackle the increase in food prices.
Tinubu’s spokesperson, Dele Alake, said on Thursday, July 13, that the president is “not unmindful of the rising cost of food and how it affects the citizens.”
Food prices have been on the rise across Nigeria in recent years. The situation got worse as a result of the removal of subsidies on petrol.
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