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.
Related Link
Nigerianstat: Website
Nigeria inflation rate at July 2023. – Currently, the headline inflation of Nigeria is at 24.08 percent. – Express your point of view.
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. And it keeps increasing due to the dollar increment and other variables
I understand your concern about the current inflation rate in Nigeria, which stands at 24.08 percent. This high inflation rate can have several implications for the economy and the well-being of individuals. It can erode the purchasing power of consumers, making goods and services more expensive and reducing their overall standard of living. Additionally, high inflation can discourage investment and hinder economic growth.
To address this issue, it is crucial for the Nigerian government to implement effective measures that can help stabilize prices and curb inflation. This may involve implementing prudent monetary policies, such as controlling money supply and interest rates, to manage inflationary pressures. It is also important to promote fiscal discipline and ensure that government spending is in line with the country’s economic realities.
Furthermore, the government can focus on structural reforms that address the root causes of inflation. This may include improving the productivity and efficiency of key sectors, such as agriculture and manufacturing, to enhance domestic production and reduce reliance on imports. Strengthening the regulatory framework, promoting competition, and investing in infrastructure can also contribute to lowering inflationary pressures.
Overall, tackling inflation requires a comprehensive and coordinated approach that involves monetary, fiscal, and structural policies. By implementing these measures, Nigeria can work towards reducing inflation, stabilizing prices, and fostering sustainable economic growth for the benefit of its citizens.
The current high headline inflation rate of 24.08 percent in July 2023 reflects the challenges that inflation poses in the country. Addressing these challenges will necessitate approaches that will stop inflation things continue to rise and hard on people of the country government should control the inflation in the country
Nigeria now has a 24.08 percent inflation rate. This high inflation rate could have a variety of economic consequences. Nigeria’s government must move decisively to stabilize prices and curb inflation.