Nigeria’s inflation has increased to 24.08% for the seventh time in 2023.
This is according to the recently released Consumer Price Index (CPI) report for July 2023 by the National Bureau of Statistics (NBS).
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 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).”
In terms of contribution to the year-on-year inflation, Food and non-alcoholic beverages (12.47%) contributed the most, followed by housing water, electricity, gas and other fuel (4.03%), and clothing and footwear (1.84%).
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.
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 (2.4%).
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%).
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.