Just in: Nigeria’s inflation rate hits 19.64% in July

Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022.

The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).

The last time Nigeria’s inflation was above 19.64% was in September 2005 when it rose to 24.32%.

Food inflation accelerated to 22.02% from 20.6% recorded in June 2022. According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

In the same vein, the core inflation, which excludes the prices of volatile agricultural produce, increased to 16.26% in the month of July 2022, from 15.75% recorded in the previous month.

The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.