The National Bureau of Statistics (NBS) has said that Nigeria’s inflation rate for the month of July 2020 was 12.82 percent.
The NBS said in its monthly report of the consumer price index, (CPI) which measures inflation that the inflation rate for July increased by 0.26 percent points higher than the rate recorded in June 2020 of 12.56 percent.
It noted that on month-on-month basis, the Headline index increased by 1.25 percent in July 2020, representing 0.04 percent higher than the rate recorded in June 2020 of 1.21 percent.
It is the highest so far reported in the country in the last 27 months, as the prices of food and medical supplies continue to surge amid the coronavirus (COVID-19) pandemic.
According to the report, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.
It explained that the percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.
“The urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.
“On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.
“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020. This is higher than 12.50 percent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020,” it said.
The report noted that the composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.
This rise in the food index, according to the report, was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish.
“On month-on-month basis, the food sub-index increased by 1.52 percent in July 2020, up by 0.04 percent points from 1.48 percent recorded in June 2020.
“The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63 percent, 0.17 percent points from the average annual rate of change recorded in June 2020 (14.46) percent,” it added.
GIK/APA