Inflation rate hits 22.79% in June

The National Bureau of Statistics (NBS) has said inflation rate soared from 22.41% in May 2023 to 22.79% in June 2023.

This was contained in the “CPI and Inflation Report June 2023,” that theBureau 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%.”

According to NBS, 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.

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

NBS said 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).