According to new data from the National Bureau of Statistics (NBS), the country’s headline inflation rate increased during President Tinubu’s first month in office.
The data also revealed that the magnitude of the rise between May and June was greater than the prior rise between April and May.
The headline inflation rate was 22.22% in April and 22.41% in May, according to the NBS, but it has now risen to 22.79% in June.
The monthly headline inflation rate is a monthly measure of total inflation in the economy that accounts for how much the living standard has changed between months.
As a result, the general price level of goods and services increased in June compared to May.
Recent economic actions, such as the removal of subsidy and the consolidation of multiple exchange rates into a single rate, have been suggested as possible inflationary pressures on the recent data.
