Nigeria Records Highest Inflation Within 17 Years

<h4>Nigeria Records Highest Inflation Within 17 Years<&sol;h4>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that Nigeria’s headline inflation rate accelerated for the sixth consecutive time to 22&period;79 per cent in June 2023&comma; according to data by the National Bureau of Statistics released Monday&period;<br &sol;>&NewLine;The inflation rate in Africa’s biggest economy rose to a new 17-year high of 22&period;79 per cent in June 2023 from 22&period;41 per cent in the previous month&period;<br &sol;>&NewLine;The NBS report read&comma; &OpenCurlyDoubleQuote;In June 2023&comma; the Headline inflation rate rose to 22&period;79 per cent relative to May 2023 headline inflation rate&comma; which was 22&period;41 per cent&period; Looking at the movement&comma; the June 2023 Headline inflation rate showed an increase of 0&period;38 percentage points when compared to May 2023 headline inflation rate&period;<br &sol;>&NewLine;<a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">&OpenCurlyDoubleQuote;On a year-on-year basis&comma; the Headline inflation rate was 4&period;19 percentage points higher compared to the rate recorded in June 2022&comma; which was 18&period;60 per cent&period; This shows that the Headline inflation rate &lpar;year-on-year basis&rpar; increased in June 2023 when compared to the same month in the preceding year &lpar;i&period;e&period;&comma; June 2022&rpar;&period;”<&sol;a><br &sol;>&NewLine;Food and non-alcoholic beverages &lpar;11&period;81 per cent&rpar; led the list of items that contributed to the rising inflation figure&period;<br &sol;>&NewLine;The World Bank had projected that the removal of fuel subsidy would contribute to the country’s increasing inflation&period;<br &sol;>&NewLine;In its June 2023 Nigeria Development Update&comma; the bank said&comma; &OpenCurlyDoubleQuote;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&period;”<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;20909" aria-describedby&equals;"caption-attachment-20909" style&equals;"width&colon; 300px" class&equals;"wp-caption alignnone"><img class&equals;"size-medium wp-image-20909" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2023&sol;06&sol;Tinubu-1-300x241&period;webp" alt&equals;"Nigeria Records Highest Inflation Within 17 Years" width&equals;"300" height&equals;"241" &sol;><figcaption id&equals;"caption-attachment-20909" class&equals;"wp-caption-text"><em><strong>Tinubu&comma; removed oil subsidy<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;