Nigeria’s inflation rate hits 24.08% in July – NBS

The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.

The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July , which was released in Abuja on Tuesday.

According to the report, the figure is 1.29 per cent points higher compared to the 22.79 per cent recorded in June.

It said on a year-on-year basis, the headline inflation rate in July was 4.44 per cent higher than the rate recorded in July 2022 at 19.64 per cent.

It added: ”This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same period in July 2022.”

The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 per cent and housing, water, electricity, gas and other fuel at 4.03 per cent.

Others were; clothing and footwear at 1.84 per cent; transport at 1.57 per cent; furnishings, household equipment and maintenance at 1.21 per cent and education at 0.97 per cent, and health at 0.72 per cent.

The report said: “Miscellaneous goods and services at 0.40 per cent; restaurant and hotels at 0.29 per cent; alcoholic beverage, tobacco and kola nut at 0.26 per cent; recreation and culture at 0.17 per cent, and communication at 0.16 per cent.”

In addition, the report said , on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent, which was 0.76 per cent higher than the rate recorded in June 2023 at 2.13 per cent.

It added: ” This means that in July 2023, on average, the general price level was 0.76 per cent higher relative to June 2023.”

It said the percentage change in the average CPI for the 12 months ending July 2023 over the average of the CPI for the previous 12 months period was 21.92 per cent.

The report added: “This indicates a 5.17 per cent increase compared to 16.75 per cent recorded in July 2022.”

It said that the food inflation rate in July was 26.98 per cent on a year-on-year basis, which was 4.97 per cent higher compared to the rate recorded in July 2022 at 22. 02 per cent.

The report continued: “The rise in food inflation is caused by increases in prices of oil and fats, bread and cereals, fish, potatoes, yams and other tubers, fruits, meat, vegetable, milk, cheese and eggs. ”

It said on a month-on-month basis, the food inflation rate in July was 3.45 per cent, which was a 1.06 per cent rise compared to the rate recorded in June at 2.40 per cent.

“The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat,” the report said further.

It said: “The all items less farm produce or core inflation, which excludes the prices of volatile agricultural produce stood at 20.47 per cent in July on a year-on-year basis.

“This increased by 4.41 per cent compared to 16.06 per cent recorded in July 2022.’’

The report said the highest increases were recorded in prices of passenger transport by air and road, gas, vehicles spare parts, medical services, maintenance, and repair of personal transport, among others.

The NBS said on a month-on-month basis, the core inflation rate was 2.11 per cent in July 2023.

It added: “This indicates a 0.34 per cent rise compared to what was recorded in June 2023 at 1.77 per cent.

“The average 12-month annual inflation rate was 18.84 per cent for the 12 months ending July 2023.

“This was 4.31 per cent points higher than the 14.53 per cent recorded in July 2022.”

The report said on a year-on-year basis in July, the urban inflation rate was 25.83 per cent, which was 5.74 per cent higher compared to the 20.09 per cent recorded in July 2022.

It said: “On a month-on-month basis, the urban inflation rate was 3.05 per cent in July representing a 0.75 per cent rise compared to June 2023 at 2.31 per cent.’’

The report said on a year-on-year basis in July, the rural inflation rate was 22.49 per cent, which was 3.26 per cent higher compared to the 19.22 per cent recorded in July 2022.

It added: “On a month-on-month basis, the rural inflation rate in July was 2.74 per cent, which increased by 0.78 per cent compared to June 2023 at 1.96 per cent.’’

On states’ profile analysis, the report showed in July, all items inflation rate on a year-on-year basis was highest in Kogi at 28.45 per cent, followed by Lagos at 27.30 per cent, and Ondo at 26.83 per cent.

It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 20.71 per cent, followed by Jigawa at 20.85 per cent, and Sokoto at 20.92 per cent.

The report, however, said in July 2023, all items inflation rate on a month-on-month basis was highest in Kogi at 4.99 per cent, Abia at 4.12 per cent, and Akwa Ibom at 4.07 per cent.

It added: “Jigawa at 0.16 per cent, followed by Taraba at 1.09 per cent and Yobe at 1.10 per cent recorded the slowest rise in month-on-month inflation.”

The report said food inflation in June, on a year-on-year basis, was highest in Kogi at 34.53 per cent, followed by Lagos at 32.52 per cent, and Bayelsa at 31.31 per cent.

It added: “Jigawa at 20.90 per cent, followed by Sokoto at 21.63 per cent and Kebbi at 22.45 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

The report, however, said on a month-on-month basis, in July, food inflation was highest in Kogi at 6.73 per cent, followed by Akwa Ibom at 5.64 per cent and Bayelsa at 4.59 per cent.

It said: “With Taraba at -0.21per cent, followed by Jigawa at 0.28 per cent and Yobe at 0.90 per cent recorded the slowest rise on month-on-month food inflation.’’