Nigeria’s Inflation Rate Hits 24.08% In July ― NBS

The latest report released by the National Bureau of Statistics (NBS) has revealed that inflation rate in Nigeria jumped to a 24.08% in July.

This marks a substantial increase from the inflation rate of 22.79% recorded in the previous month of June.

Further, the report shows that “the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate

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%.”

According to the report, on a month-on-month basis, food inflation rate rose to 26.98% in July 2023, representing a 1.73% point increase from 25.25% recorded in June and 4.97% points higher than 22.02% recorded in the corresponding period of 2022 on a year-on-year basis.

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The report revealed that the rise in food inflation 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.

The report also noted that the highest increases were recorded in prices of Passenger Transport by Air, passenger transport by road, vehicle spare parts, medical services, maintenance, and repair of personal transport equipment.