Inflation jumps to 24.08% in July, new NBS report says

The National Bureau of Statistics (NBS), in its latest report, said Nigeria’s headline inflation jumped to 24.08 per cent in July 2023.

Ripples Nigeria reports that headline inflation in the country for the month of June was recorded at 22.79 per cent, with that of July jumping by 1.29 percentage points.

“In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.

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“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. 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 NBS report said.

 

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