Inflation rate surges to 24.08% in July 2023, as food prices hit 26.08%
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Central Bank of Nigeria (CBN) has disclosed that the country’s inflation rate in Nigeria as at July 2023 surged to 24.08 percent.
According to data published on the regulatory bank’s website, the highest rate was recorded in food with 26.98 percent.
Prices of Food items, including transport have increased in recent months especially in the face of fuel Subsidy removal which has made cost of transportation of goods, services and people double in recent months.
Petrol now sells for around N600 to N620 in the country, which is more than double the price before the removal of subsidy payment in May.
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