The National Bureau of Statistics (NBS) on Tuesday disclosed that Nigeria’s inflation rate rose to 24.08per cent in July, 2023, about 1.29 per cent increase from 22.79 per cent reported in June 2023.
The reported 24.08 per cent is the highest since 2005 when the inflation rate reached 24.30 per cent.
According to NBS, on a year-on-year basis, inflation rate was 4.44per cent points higher compared to 19.64 per cent recorded in July 2022.
The report stated that, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent, which was 0.76per cent higher than the rate recorded in June 2023 (2.13 per cent). This means that in July 2023, on average, the general price level was 0.76 per cent 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 per cent, showing a 5.17 per cent increase compared to 16.75 per cent recorded in July 2022.
On Urban Inflation, the report stated that, “On a year-on-year basis, in July 2023, the Urban inflation rate was 25.83 per cent, this was 5.74 per cent points higher compared to the 20.09 per cent recorded in July 2022. On a month-on-month basis, the Urban inflation rate was 3.05% in July 2023, this was 0.75 per cent points higher compared to June 2023 (2.31 per cent).
“The corresponding twelve-month average for the Urban inflation rate was 22.87 per cent in July 2023. This was 5.59 per cent points higher compared to the 17.29 per cent reported in July 2022.”
The report said rural inflation rate in July 2023 was 22.49per cent on a year-on-year basis; this was 3.26 per cent higher compared to the 19.22 per cent recorded in July 2022.
“On a month-on-month basis, the Rural inflation rate in July 2023 was 2.74 per cent, up by 0.78 per cent points compared to June 2023 (1.96 per cent). The corresponding twelve-month average for the Rural inflation rate in July 2023 was 21.04 per cent. This was 4.79 per cent higher compared to the 16.25per cent recorded in July 2022,” the report disclosed.
“The Food inflation rate in July 2023 was 26.98 per cent on a year-on-year basis, which was 4.97per cent points higher compared to the rate recorded in July 2022 (22.02 per cent). 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.
“On a month-on-month basis, the Food inflation rate in July 2023 was 3.45 per cent, this was 1.06 per cent higher compared to the rate recorded in June 2023 (2.40per cent). The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil, and Fat.
“The average annual rate of Food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46 per cent, which was a 5.71 per cent points increase from the average annual rate of change recorded in July 2022 (18.75%),” the report added.
