Nigeria’s inflation rate rises to 24.08% in July – NBS

National Bureau of Statistics, NBS, in its report, said Nigeria’s inflation rate rose to 24.08 percent in July 2023.

The report, said “In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%.

“It said 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 added, “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).

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

“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%).

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“This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.”

Divisional Level/Contribution YoY (%)

Food & Non-Alcoholic Beverages 12.47; Housing Water, Electricity. Gas & Other Fuel 4.03; Clothing & Footwear 1.84; Transport 1.57; Furnishings & Household Equipment & Maintenance. 1.21; Education 0.95; Health. 0.72; Miscellaneous Goods & Services 0.40; Restaurant & Hotels 0.29; Alcoholic Beverages, Tobacco & Kola 0.26; Recreation & Culture. 0.17 and Communication 0.16.

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.

Urban Inflation

The report further, said: “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.

Rural Inflation

“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%).

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“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 Food inflation rate in July 2023 was 26.98% on a year-on-year basis, which was 4.97% points higher compared to the rate recorded in July 2022 (22.02%).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs.

“On a month-on-month basis, the Food inflation rate in July 2023 was 3.45%, this was 1.06% higher compared to the rate recorded in June 2023 (2.40%).

“The rise in Food inflation on a month-on-month basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil, and Fat.

“The average annual rate of Food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46%, which was a 5.71% points increase from the average annual rate of change recorded in July 2022 (18.75%).

“The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 20.47% in July 2023 on a year-on-year basis; up by 4.41% when compared to the 16.06% recorded in July 2022.

“The highest increases were recorded in prices of Passenger Transport by Air, Passenger Transport by Road, Vehicle Spare Parts, Medical Services, Maintenance, and repair of personal transport equipment etc.

“On a month-on-month basis, the Core Inflation rate was 2.11% in July 2023, up by 0.34% points from 1.77% in June 2023.

“The average twelve-month annual inflation rate was 18.84% for the twelve-month ending July 2023; this was 4.31% points higher than the 14.53% recorded in July 2022.

“In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns which differ across States and locations.

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“Accordingly, the weight assigned to a particular Food or Non-Food item may differ from State to State making interstate comparisons of consumption baskets inadvisable and potentially misleading.

All Items Inflation

“In July 2023, all items inflation rate on a year-on-year basis was highest in Kogi (28.45%), Lagos (27.30%), Ondo (26.83%), while Borno (20.71%), Jigawa (20.85%) and Sokoto (20.92%) recorded the slowest rise in headline inflation on a year-on-year basis.

“On a month-on-month basis, however, July 2023 recorded the highest increases in Kogi (4.99%), Abia (4.12%), Akwa Ibom (4.07%), while Jigawa (0.16%), Taraba (1.09%) and Yobe (1.10%) recorded the slowest rise on month-on-month inflation.

Food Inflation

“In July 2023, Food inflation on a year-on-year basis was highest in Kogi (34.53%), Lagos (32.52%), and Bayelsa (31.31%), while Jigawa (20.90%), Sokoto (21.63%) and Kebbi (22.45%) recorded the slowest rise in Food inflation on a year-on-year basis.

“On a monthon-month basis, however, July 2023 Food inflation was highest in Kogi (6.73%), Akwa Ibom (5.64%), and Bayelsa (4.59%), while Taraba (-0.21%), Jigawa (0.28%) and Yobe (0.90%) recorded the slowest rise in inflation on a month-on-month basis.”

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