Inflation has hit 24.08% in July 2023 from 22.79% recorded in June 2023, according to data released by the Nigeria’s National Statistical Office, the National Bureau of Statistics (NBS).
The report also stated that food Inflation rose to 26.98% in July 2023 from 25.25% in June 2023, while urban inflation was 25.83%, with rural inflation reaching 22.49%.
Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% 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%.
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).
More details will follow…
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