The National Bureau of Statistics (NBS) has released the consumer price index report for July showing headline inflation at 24.08 per cent compared to 22.79 per cent in June.
The latest report shows a seven-month consecutive rise in the nation’s inflation rate, defying efforts by the Central Bank of Nigeria (CBN) to keep it down with its various monetary policy measures.
The NBS blamed the 1.29 per cent rise in headline inflation on increases in the prices of food and commodities.
According to the report, food inflation rose 26.98 per cent year-on-year, higher by 4.97 per cent compared with 22.02 per cent recorded in July 2022.
Specifically, the report attributed the rise in food and non-alcoholic beverages were responsible for most (12.47 per cent) of the rise in the headline inflation rate to 24.08 per cent in July, followed by housing water, electricity, gas & other fuel (4.03 per cent); clothing and footwear (1.84 per cent); transport (1.57 per cent); furnishings, household equipment and maintenance (1.21 per cent).
“In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% 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).
“In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.
“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%, showing a 5.17% increase compared to 16.75% recorded in July 2022,” the CPI report stated.
In food inflation, the report said July 2023 recorded 26.98% on a year-on-year basis, which was 4.97% points higher, compared to the rate recorded in July 2022 (22.02%).
On a month-on-month basis, the food inflation rate in July 2023 was 3.45%, this was 1.06% higher compared to the rate recorded in June 2023 (2.40%).
The average annual rate of food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46%, which was a 5.71% points increase from the average annual rate of change recorded in July 2022 (18.75%)
