The National Bureau of Statistics, NBS, says Nigeria’s inflation rose to 24.0 per cent in July 2023.
NBS in its monthly report of the Consumer Price Index, CPI, said in July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.
Describing the movement of the price index, NBS said the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%.
“This shows that the headline inflation rate (year -on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022),” it said.
The report said on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent, which was 0.76 per cent higher than the rate recorded in June 2023, which was 2.13 per cent.
It added that figure implies that in July 2023, on average, the general price level was 0.76 per cent higher relative to June 2023.
It further disclosed that the percentage change in the average CPI for the twelve-month period ending July 2023 over the average of the CPI for the previous twelve-month period was 21.92 per cent, showing a 5.17 per cent increase compared to 16.75 per cent recorded in July 2022.
“On a year-on-year basis, in July 2023, the urban inflation rate was 25.83%, this was 5.74% points higher compared to the 20.09% recorded in July 2022. On a month-on-month basis, the urban inflation rate was 3.05% in July 2023, this was 0.75% points higher compared to June 2023 (2.31%). The corresponding twelve-month average for the urban inflation rate was 22.87% in July 2023.
“This was 5.59% points higher compared to the 17.29% reported in July 2022. The rural inflation rate in July 2023 was 22.49% on a year-on-year basis; this was 3.26% higher compared to the 19.22% recorded in July 2022.
“On a month-on-month basis, the rural inflation rate in July 2023 was 2.74%, up by 0.78% points compared to June 2023 (1.96%). The corresponding twelve-month average for the rural inflation rate in July 2023 was 21.04%. This was 4.79% higher compared to the 16.25% recorded in July 2022,” the CPI report said.
