Inflation hits 24.08% in July-NBS
By Patience Ikpeme
The National Bureau of Statistics (NBS), has disclosed that Nigeria’s headline inflation rate rose to 24.08% in July, compared to 22.79% in June.
The July inflation rate represents a 1.29% increase from the previous month. On a year-on-year basis, the inflation rate in July 2023 was 4.44% higher than in July 2022.
Food inflation also increased, with a rate of 26.98% on a year-on-year basis, driven by higher prices of oil and fat, bread and cereals, fish, potatoes, yam, fruits, meat, vegetables, milk, cheese, and eggs.
On a month-on-month basis, food inflation was 3.45% in July, up from 2.40% in June. The average annual rate of food inflation for the twelve-month period ending in July 2023 was 24.46%, a 5.71% increase from the previous year.
Core inflation, which excludes volatile agricultural produce and energy prices, stood at 20.47% in July 2023 on a year-on-year basis, it showed an increase of 4.41% when compared to July 2022 figures
Inflation rates varied across states, with Kogi, Lagos, and Ondo recording the highest all-items inflation rates on a year-on-year basis, while Borno, Jigawa, and Sokoto had the slowest rise.
Similarly, Kogi, Lagos, and Bayelsa had the highest food inflation rates on a year-on-year basis, while Jigawa, Sokoto, and Kebbi had the slowest rise.
On a month-on-month basis, Kogi, Akwa Ibom, and Bayelsa had the highest increases in inflation, while Taraba, Jigawa, and Yobe had the slowest rise.
