Nigeria’s inflation rate has risen to 19.64 percent, according to the National Bureau of Intelligence, NBS.
The Bureau in a report released on Monday, said the consumer price index, CPI which measures the rate of change in prices of goods and services, has surged to 19.64 percent in July from 18.60 in June.
The rate the NBS said is the highest in more than 17 years, noting that increases were recorded in all classifications of individual consumption,
NBS said “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 report reads.
“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.”
It said there is a significant increase in the prices of essential food items such as bread, potatoes, yam, meat, and fish.
“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,” the Bureau said.
