BREAKING …Hike In Prices: Nigeria’s Latest Inflation Gallops To 24.08 Percent

There is no withholding of the nation’s successive increases in inflationary trend as the latest figure has hit 24.08 percent for the month of July 2023, according to statistics by the National Bureau of Statistics (NBS), Tuesday.

The July headline inflation rate, which was the highest so far recorded in the past years, rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%.

“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate”, it stated.

The contributions of items on the divisional level to the increase in the Headline index are as presented below:

The increase is not a surprise to many as Nigerians are currently witnessing increases in prices of goods and services triggered by the unplanned sudden removal of fuel subsidy and the subsequent successive increases in pump prices of fuel which at present costs at least N617 per liter.

This is compounded by the float of the nation’s currency as the exchange is nearly N1000 per Dollar, given dearth of foreign currency.

Further breakdown of the statistics released by NBS, showed that on a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%.

“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).

“In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.

“The percentage change in the average CPI for the twelve-month period ending July 2023 over the average of the CPI for the previous twelve-month period was 21.92%, showing a 5.17% increase compared to 16.75% recorded in July 2022.”

In respect of urban inflation, on a year-on-year basis, in July 2023, the Urban inflation rate was 25.83%, this was 5.74% points higher compared to the 20.09% recorded in July 2022.

“On a month-on-month basis, the Urban inflation rate was 3.05% in July 2023, this was 0.75% points higher compared to June 2023 (2.31%).

“The corresponding twelve-month average for the Urban inflation rate was 22.87% in July 2023. This was 5.59% points higher compared to the 17.29% reported in July
2022.

“The Rural inflation rate in July 2023 was 22.49% on a year-on-year basis; this was 3.26% higher compared to the 19.22% recorded in July 2022.

“On a month-on-month basis, the Rural inflation rate in July 2023 was 2.74%, up by 0.78% points compared to June 2023 (1.96%).

“The corresponding twelve-month average for the Rural inflation rate in July 2023 was 21.04%. This was 4.79% higher compared to the 16.25% recorded in July 2022”, the Bureau explained.