Nigeria’s inflation rate increased from 18.60 percent in June to 19.64 percent in July 2022, making it the highest recorded since September 2005.
This was revealed in the National Bureau of Statistics (NBS) consumer price index (CPI) report for July 2022 released on Monday August 15.
Giving a breakdown of the report in a statement, Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran said the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
Adeniran also disclosed that it is a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).
“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”
The report revealed that food inflation rose to 22.02 percent in July, an uptick compared to 20.60 percent in June.
Rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.
“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%),” the report adds.
“This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables.”
Akwa Ibom, Ebonyi and Kogi states witnessed the highest prices, while Jigawa, Kano and Borno recorded the slowest rise in inflation.
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“In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation,” the report said.
“However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation.”