Nigeria’s inflation rate rises by 19.64 percent, highest in 17 years

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Nigeria’s inflation rate has recorded new high as it increased from 18.60 percent in June to 19.64 percent in July 2022.

It was gathered that this new rate is the highest recorded since September 2005.

The National Bureau of Statistics (NBS) consumer price index (CPI) report for July 2022 revealed this on Monday, August 15.

According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

It 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.”

The report revealed that food inflation rose to 22.02 percent in July, an uptick compared to 20.60 percent in June.

It read:

“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.”

It added:

“In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation,” the report said.

“However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation.”