Breaking News: Nigeria’s inflation rises 18 year-high, jumps to 24.08% in July — NBS

Nigeria’s headline inflation jumped to 24.08 per cent, standing at 18 year-high in July 2023, the National Bureau of Statistics (NBS) has revealed.

The last time Nigeria recorded an inflation rate above 24 per cent was in September 2005.

In June, inflation was recorded at 22.79 per cent, but has now jumped by 1.29 percentage points.

The NBS said, “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.

“Looking at the movement, 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 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).”

NBS also disclosed that the urban inflation rate stood at 25.83 per cent, while rural inflation was 22.49 per cent, even as it disclosed that the the food inflation rate in July 2023 was 26.98 per cent.

It said, “On a year-on-year basis, which was 4.97 per cent points higher compared to the rate recorded in July 2022 (22.02 per cent). On a month-on-month basis, the Food inflation rate in July 2023 was 3.45 cent, this was 1.06 per cent higher compared to the rate recorded in June 2023 (2.40 per cent).”

The rise in food inflation, according to the data,  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.