BREAKING: Nigeria’s Inflation Hits Highest In 17 Years

BREAKING: Nigeria's Inflation Hits Highest In 17 Years

The National Bureau of Statistics (NBS), has reported that Nigeria’s inflation increased to 19.64% in July 2022, the highest since September 2005.

NBS, in its report released on Monday, August 15, stated that Nigeria’s inflation for last month went up from the recorded 18.60 in the previous month of July.

The NBS report read: “On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”

More so, NBS reported that food inflation went up to 22.02% in the period under review from 20.60% in June.

This rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%),” the report adds.

“This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables,” the report added.

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