The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 percent in July 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July released in Abuja on Tuesday.
According to the report, the figure is 1.29 percent points higher compared to the 22.79 percent recorded in June.
It said on a year-on-year basis, the headline inflation rate in July was 4.44 percent higher than the rate recorded in July 2022 at 19.64 percent.
“This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same period in July 2022,” the NBS report stated.
The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 percent and housing, water, electricity, gas and other fuel at 4.03 percent. Others were clothing and footwear at 1.84 percent; transport at 1.57 percent; furnishings, household equipment and maintenance at 1.21 percent and education at 0.97 percent, and health at 0.72 percent.
On a month-on-month basis, the headline inflation rate in July 2023 was 2.89 percent, which was 0.76 percent higher than the rate recorded in June 2023 at 2.13 percent.
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