Nigeria’s headline inflation rate rises by 1.29% to reach 24.08%
Nigeria’s headline inflation rate has continued its rise, hitting 24.08 per cent in July 2023 from the 22.79 per cent recorded, last month, June.
According to the National Bureau of Statistics (NBS), the figure represents an increase of 1.29 per cent points from the June 2023 headline inflation.
The latest data also shows that on a year-on-year basis, the headline inflation rate was 4.44 percentage points higher compared to the rate recorded in July 2022, which was 19.64 per cent.
According to the NBS data, the increase in the headline index for July 2023 is ‘attributed to an increase in contributions of some items in the basket of goods and services at the divisional level witnessed in food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing & footwear, transport, furnishings and household equipment and maintenance, education and health.’
“The food component sub-index for July 2023 increased by 26.98% on a year-on-year basis; 4.97% points higher relative to the rate recorded in June 2022 (22.02%).
“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.
“The all-item index for July 2023, on a year-on-year basis, was highest in Kogi, Lagos, and Ondo; while the states with the slowest rise in headline inflation on a year-on-year basis were Borno, Jigawa and Sokoto (20.92%),” read the report.
