Inflation in Nigeria reaches 24.08 percent.

Nigeria's inflation rate surged to 24.08% in July 2023, rising from the previous month's 22.79%, as outlined in a report published by the National Bureau of Statistics (NBS) on Tuesday, August 15. This marks the seventh consecutive climb in the country's inflation rate this year. The heightened inflation was attributed to an escalation in the contributions of specific items within the basket of goods and services at the divisional level.

The sub-index for the food component experienced a year-on-year increase of 26.98%, which was notably higher by 4.97% points compared to the rate registered in June 2022 (22.02%).

 The report read; 

“These increases were witnessed in Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), Furnishings & Household Equipment & Maintenance (1.21%), Education (0.95%) and Health (0.72%). Others are Miscellaneous Goods & Services (0.40%), Restaurants & Hotels (0.29%), Alcoholic Beverages, Tobacco & Kola (0.26%), Recreation & Culture (0.17%), and Communication (0.16%).

“The rise in Food index 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.

“Similarly, the food inflation rate on a month-on-month basis, in July 2023, rose to 3.45%, which was 1.06% points higher compared to the rate recorded in June 2023 (2.40%)."