Nigeria’s inflation rate climbs to 24.08% in July 2023

The National Bureau of Statistics (NBS) has revealed that Nigeria’s headline inflation rate surged to 24.08% in July 2023. This update was unveiled in the Consumer Price Index (CPI) and Inflation Report for July, released in Abuja on Tuesday.

This figure represents a significant increase of 1.29% compared to the 22.79% recorded in June. The report highlighted that, on a year-on-year basis, the headline inflation rate in July rose by 4.44%, surpassing the rate recorded in July 2022, which stood at 19.64%.

The report attributed this inflationary surge to several factors, including a 12.47% contribution from food and non-alcoholic beverages, 4.03% from housing, water, electricity, gas, and other fuel, 1.84% from clothing and footwear, and 1.57% from transport, among others.

Furthermore, the report noted that, on a month-on-month basis, the headline inflation rate for July 2023 was 2.89%, reflecting a 0.76% increase compared to June 2023.

In terms of food inflation, the report highlighted a year-on-year rate of 26.98% for July, which was a 4.97% increase compared to the rate recorded in July 2022. The report detailed that this increase was influenced by various factors, including price hikes in oil and fats, bread and cereals, fish, potatoes, yams, fruits, meat, vegetables, milk, cheese, and eggs.

Core inflation, which excludes volatile agricultural produce, stood at 20.47% in July on a year-on-year basis, marking a 4.41% increase compared to July 2022.

The report concluded by highlighting the impact of inflation on both urban and rural areas. It stated that the urban inflation rate was 25.83%, whereas the rural inflation rate was 22.49%, on a year-on-year basis for July 2023.