August 15, (THEWILL) – Nigeria’s inflation rate hit 24.08 percent in July 2023, according to the National Bureau of Statistics (NBS) monthly Consumer Price Index (CPI) report on Tuesday.
This is the highest rate reported in 15 years since 2008 and the seventh consecutive increase in 2023.
THEWILL findings showed that the last time Nigeria recorded an inflation rate above 24 percent was in September 2005.
According to the NBS, the July inflation rate of 24.08 percent was 1.29 percent higher than the 22.79 percent in June 2023
“On a year-on-year basis, the headline inflation rate was 4.44 percent points higher compared to the rate recorded in July 2022, which was 19.64 percent.
“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),” the NBS said.
The statistics bureau also disclosed that the urban inflation rate stood at 25.83 percent, while rural inflation was 22.49 percent.
According to the NBS, July inflation was driven by food inflation rate which jumped by 26.98 per cent.
The NBS said 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.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
