Nigeria’s inflation rate jumps to 24.08%

Nigeria’s headline inflation rate has jumped to 24.08% for July 2023, the National Bureau of Statistics (NBS) has revealed.

In June, inflation was recorded at 22.79%, but has now jumped by 1.29 percentage points. This is the highest recorded increase in 2023.

The NBS 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.

“Looking at the movement, 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 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. 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).”

Food inflation

The Food inflation rate rose to 26.98% in July 2023, representing a 1.73% point increase from 25.25% recorded in the previous month and 4.97% points higher than 22.02% recorded in the corresponding period of 2022.

The rise in Food inflation 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.

You can check the full inflation report in the tweet below.

Headline Inflation for July 2023 was 24.08% from 22.79% in June 2023.
Food Inflation was 26.98% in July 2023 from 25.25% in June 2023.
Urban Inflation was 25.83%, rural Inflation was 22.49%.
Read the full inflation report for July 2023 here: https://t.co/MloxzGbdwv pic.twitter.com/Q2D4h6SwkA

— NBS Nigeria (@NBS_Nigeria) August 15, 2023