The inflation rate in Nigeria surged to 24.08 percent in July 2023, showing a 129 basis-point increase when compared to the 22.79 percent recorded in the previous month.
This is contained in the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for July 2023 released on Tuesday.
According to reports the rise in the inflation rate for July represents the sixth consecutive increase in the headline index this year, and the significant jump is attributed to the complete removal of petrol subsidies and the unification of the official exchange rate.
The NBS said, “In July 2023, the headline inflation rate rose to 24.08 percent relative to June 2023 headline inflation rate which was 22.79 percent.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 percent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44 percent points higher compared to the rate recorded in July 2022, which was 19.64 percent. 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).”
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