APA – Lagos (Nigeria)
Nigeria’s National Bureau of Statistics (NBS) has announced that the country’s nflation rate increased in July 2023 to 24.08%, the highest in years.
The monthly report of the Consumer Price Index (CPI) released on Tuesday in Abuja by the NIS showed an increase of 1.29% points when compared to 22.79% recorded in June this year.
It added that on a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%, indicating that the headline inflation rate (year -on-year basis) increased in July 2023 when compared to the same month in the preceding year of July 2022.
“In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.
“The percentage change in the average CPI for the twelve-month period ending July 2023 over the average of the CPI for the previous twelve-month period was 21.92%, showing a 5.17% increase compared to 16.75% recorded in July 2022,” the NBS said.
According to the report, the Urban inflation rate in July was 25.83%, this was 5.74% points higher compared to the 20.09% recorded in July 2022 and 3.05% in July 2023, which 0.75% points higher compared to June 2023 (2.31%).
It explained that Rural inflation rate in July 2023 was 22.49% on a year-on-year basis and 3.26% higher compared to the 19.22% recorded in July 2022, while On a month-on-month basis, the Rural inflation rate in July 2023 was 2.74%, up by 0.78% points compared to June 2023 (1.96%).
According to the report, the Food inflation rate in July 2023 was 26.98% on a year-on-year basis, which was 4.97% points higher compared to the rate recorded in July 2022 (22.02%).
“The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs,” it added.
GIK/APA