Nigerianewsflight

No #1 News site in Nigeria

Nigeria inflation rate rises, hits 24.08% in July

Central Bank of Nigeria Abuja office, (file photo)

The increase in the headline index for July 2023 was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level witnessed in food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing & footwear, transport, furnishings and household equipment and maintenance, education and health

By Valentine Amanze

Nigeria’s economy is getting worse as inflation rate hits 24.08 percent in July, 2023 from 22.79 percent recorded the previous month, representing an increase of 1.29 percent points from the June 2023 headline inflation.

The National Bureau of Statistics (NBS) disclosed this Tuesday in its latest data on nation’s economy.

The data also revealed that on a year-on-year basis, the headline inflation rate was 4.44 percentage points higher compared to the rate recorded in July 2022, which was 19.64 percent.

Also read: Peter Obi rues exit of GlaxoSmithKline from Nigeria

The data explained that the increase in the headline index for July 2023 was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level witnessed in food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing & footwear, transport, furnishings and household equipment and maintenance, education and health.

It stated that the food component sub-index for July 2023 increased by 26.98 percent on a year-on-year basis; 4.97 percent points higher relative to the rate recorded in June 2022 (22.02%).

The rise in food index on a year-on-year basis, according to it, 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.

“The all-item index for July 2023, on a year-on-year basis, was highest in Kogi, Lagos, and Ondo; while the states with the slowest rise in headline inflation on a year-on-year basis were Borno, Jigawa and Sokoto (20.92%),” NBS stated.

valoa2000@yahoo.com

Related articles

Featured
Arrow Strike
Explore