Nigeria’s annual inflation rate rose to 22.79 percent in June from 22.41 percent in the previous month, the National Bureau of Statistics (NBS) said Monday.

The statistics office said the June inflation rate showed an increase of 0.38 percent points when compared to May 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 4.19 percent points higher compared to the rate recorded in June 2022, which was 18.60 percent.

“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),” it said.

According to the report, the food inflation rate quickened to 25.25 percent in June from 24.82 percent in May.

President Bola Tinubu had, in his inaugural address on 29 May, announced the removal of fuel subsidies.

Following the announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets nationwide to sell fuel between N480 and N570 per liter, an almost 200 percent increase from the initial price below N200.