Economy and Business

BREAKING: Nigeria’s inflation rate hits 24.08%

Nigeria’s inflation has risen to 24.08 percent in the month of July 2023, a 129 basis-point increase compared to 22.79 percent recorded in the previous month.

This is according to the recently released Consumer Price Index (CPI) report for July 2023 by the National Bureau of Statistics (NBS).

The significant jump is following the complete removal of petrol subsidies and the unification/devaluation of the official exchange rate.

Notably, on a month-on-month basis, the headline inflation rate stood at 2.89 percent in July which was 0.76 percent higher than the rate recorded in June 2023 (2.13%).

In terms of contribution to the year-on-year inflation, food and non-alcoholic beverages (12.47%) contributed the most, followed by housing water, electricity, gas and other fuel (4.03%), and clothing and footwear (1.84%).

The food inflation rate rose to 26.98% in July 2023, representing a 1.73 percent point increase from 25.25 percent  recorded in the previous month and 4.97 percent points higher than 22.02 percent recorded in the corresponding period of 2022.

On a month-on-month basis, the Food inflation rate in July 2023 was 3.45 percent, this was 1.06 percent higher compared to the rate recorded in June 2023 (2.4%).

The average annual rate of food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46 percent, which was a 5.71 percent points increase from the average annual rate of change recorded in July 2022 (18.75%).

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.

The average twelve-month annual inflation rate was 18.84 percent for the twelve-month ending July 2023; this was 4.31 percent points higher than the 14.53 percent recorded in July 2022.

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