Nigeria’s inflation rate hits 24.08% in July

Nigeria’s headline inflation rate has increased to 24.08 per cent in July 2023, the National Bureau of Statistics (NBS) has disclosed.

The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for July 2023 released on Tuesday, August 15.

The July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.

It stated: “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.

“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”

Nigeria’s inflation rate rose to 22.79 per cent in June from 22.41 per cent in May 2023 on account of higher food prices.

The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 per cent and housing, water, electricity, gas and other fuel at 4.03 per cent.

Others were; clothing and footwear at 1.84 per cent; transport at 1.57 per cent; furnishings, household equipment and maintenance at 1.21 per cent and education at 0.97 per cent, and health at 0.72 per cent.

The report said miscellaneous goods and services at 0.40 per cent; restaurant and hotels at 0.29 per cent; alcoholic beverage, tobacco and kolanut at 0.26 per cent; recreation and culture at 0.17 per cent, and communication at 0.16 per cent.

It said that the food inflation rate in July was 26.98 per cent on a year-on-year basis, which was 4.97 per cent higher compared to the rate recorded in July 2022 at 22. 02 per cent.

The report said: “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs.”

It said on a month-on-month basis, the food inflation rate in July was 3.45 per cent, which was a 1.06 per cent rise compared to the rate recorded in June at 2.40 per cent.

The Star