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Nigeria inflation rate at July 2023

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By Mercy Kelani

Currently, the headline inflation of Nigeria is at 24.08 percent.

According to the National Bureau of Statistics (NBS), the Headline Inflation of Nigeria has risen to 24.08 percent in July 2023. This disclosure was made in the NBS’ Consumer Price Index (CPI) and Inflation Report for July, which was published in Abuja. The reports revealed that the current figure increased by 1.29 percent points, which in comparison to June record — 22.79 percent — is higher. The report stated that on a yearly basis, the headline rate in July was recorded as 44.4 percent higher than the July 2022 record at 19.64 percent.

It was added that items on the divisional level that contributed to the increase in the headline index included food and non-alcoholic beverages, 12.47 percent; and water, housing, Electricity, and other Petroleum products at 4.03 percent. Other contributors were transport at 1.57 percent; Education at 0.97 percent; clothing and footwear at 1.84 percent; household equipment and maintenance, furnishings at 1.21 percent; and health at 0.72 percent. Different kinds of goods and services also contributed at 0.40 percent.

On a year-on-year basis, the rate of food rise in July was 26.98%.

Also, restaurant and hotels contributed to the increase at 0.29 percent; recreation and Culture at 0.17 percent; alcoholic beverage, kola nut and Tobacco at 0.26 percent; and communication at 0.16 percent. On a month-on-month basis, the report showed that the headline inflation rate in July 2023 was 2.89 percent, while the rate recorded in June 2023 was 2.13; this reflects, on average, an increase of 0.76 percent in general prices between June and July 2023.

The report further revealed that the percentage change in the average CPI for the 12 months — July 2022 to July 2023 — over the average CPI for the previous period of 12 months was 21.92 percent. This is an indication of an increase of 5.17 percent, in comparison to the 16.75 percent record of July 2022. On a year-on-year basis, the rate of food inflation in July was 26.98 percent, reflecting an increase of 4.97 percent compared to the 22.02 percent rate recorded in July 2022.

NBS stated that the core inflation rate was at 2.11 percent.

Furthermore, the report stated that the increase in food inflation can be attributed to the increase in prices of bread and cereals, yam and other tubers, meat, milk, oil and fats, fish, fruits, potatoes, vegetables cheese and egg. On a month-on-month basis, the July food inflation rate was 3.45 percent, which indicated a rise of 1.06 percent in comparison to rate in June which was at 2.40 percent. On a year-on-year basis, all items except farm produce, which are exempted from the prices of unstable agricultural produce, were at 20.47 percent in July.

In the report, it was recorded that the prices of gas, passenger transport by road and air, vehicles spare parts, maintenance, medical services, and repair of personal transport had the highest increases. The NBS stated that the core inflation rate was at 2.11 percent in the seventh month of this year, indicating a rise of 0.34 percent to the record of the sixth month of this year, which was at 1.77 percent. The average 12-month annual rate was 18.84 percent at July 2023 — a 4.31 percent points increase than the 14.53 percent in the previous year.

Kogi State had the highest percent on the all items inflation rate.

Additionally, on a year-on-year basis in July, 25.83 percent was recorded as the rate of Urban Inflation, indicating a 5.74 percent increase compared to last year. Regarding rural rate, there was a record of 22.49 percent, which showed a rise of 3.26 percent. On the profile analysis of states, report has it that in July, on a year-on-year basis, Kogi State had the highest percent on the all items inflation rate, closely followed by Lagos and Ondo at 27.30 percent and 26.83 percent respectively.


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