Nigeria’s Inflation Hits 24.08% As Food Prices Rise

Nigeria’s annual inflation rate rose to 24.08 per cent in July 2023, the National Bureau of Statistics has revealed.

This is the highest recorded leap in 2023 and a while.

In June, inflation was recorded at 22.79 per cent, but has now jumped by 1.29 percentage points.

The NBS said, “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline rate which was 22.79 per cent.

“Looking at the movement, the July 2023 headline 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 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. This shows that the headline rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”

Food Inflation

The food inflation rate in July 2023 was 24.61 per cent on a year-on-year basis, which was 6.24 per cent points higher than the rate recorded in July 2022 (18.37 per cent).

The bureau said the rise in food prices was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, and spirits.

It said the highest increases were recorded in gas prices, passenger transport by air, liquid fuel, vehicle spare parts, fuels, and lubricants for personal transport equipment, medical services, passenger transport by road, etc.