Nigeria’s inflation rate increased to 24.08% in the month of July 2023, from the 22.79%

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Nigeria’s inflation rate increased to 24.08% in the month of July 2023, from the 22.79% recorded in June 2023. 

This was revealed in a report released by the National Bureau of Statistics (NBS) on Tuesday, August 15.  This is the seventh consecutive rise in the country’s inflation rate this year.

The increased inflation rate was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level.

The food component sub-index increased by 26.98% on a year-on-year basis, which was 4.97% points higher relative to the rate recorded in June 2022 (22.02%).

The report read; 

“These increases were witnessed in Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), Furnishings & Household Equipment & Maintenance (1.21%), Education (0.95%) and Health (0.72%). Others are Miscellaneous Goods & Services (0.40%), Restaurants & Hotels (0.29%), Alcoholic Beverages, Tobacco & Kola (0.26%), Recreation & Culture (0.17%), and Communication (0.16%).

“The rise in Food index on a year-on-year basis 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.

“Similarly, the food inflation rate on a month-on-month basis, in July 2023, rose to 3.45%, which was 1.06% points higher compared to the rate recorded in June 2023 (2.40%).”