According to him, this is to support less privileged individuals in society currently facing hardships.
On a year-on-year basis, the headline inflation rate in June was 4.19 per cent higher than the rate recorded in June 2022 at 18.6 per cent.
Economists have urged President Bola Tinubu’s government to adopt innovative policies to boost domestic production.
The NBS explained in its report that Nigeria’s annual inflation rate had risen from 22.22 per cent in April to 22.41 per cent in May.
British inflation has eased back to its lowest level since March 2022 but remained higher than expected as food prices continued to rise at a near-record pace.
The companies had a market valuation of $4.34 trillion in April 2022, but that figure plummeted to $3.53 trillion in 2023.
It was the 6th consecutive time that the committee would hike the MPR, which was the baseline lending rate in the economy.
The yearly inflation rate in Argentina has exceeded 100 per cent for the first time since 1991, reaching 102.5 per cent in February.
The increase in the food index rate was tied to an increase in the prices of certain food items such as oil and fat, bread and cereals, fish, potatoes, yams and tubers, and so on.
According to the UN, nearly 25 million Nigerians are at risk of hunger between June and August this year if urgent action is not taken.
