Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s Consumer Price Index (CPI), which measures the level of price change in goods and services, increased to 19.64 percent in July 2022.
The NBS said in a statement released on Monday in Abuja that the figure for July was higher that the inflation rate of 18.60 recorded in the month of June by 1.04 percent
According to the report, this was 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %). This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (July 2021).
This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021. On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).
It explained that the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.
“The increases were recorded in all COICOP divisions that yielded the Headline index. On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021. On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).
“The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021,” it said.
The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021.
On a month-on-month basis, the rural inflation rate in July 2022 was t1.811%, up by 0.002% compared to June 2022 (1.809%), while he corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021.
The food inflation rate in July 2022 was 22.02 % on a year-on-year basis; which was 0.99% higher compared to the rate recorded in July 2021 (21.03%). This rise in food inflation was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam and other tubers, meat, fish, oil, and fat. On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%).
This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables. The average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).
GIK/APA