The National Bureau of Statistics (NBS) has reported that Nigeria’s headline inflation rate surged to 24.08 percent in July 2023. This represents the highest increase recorded in the year so far.
In the preceding month of June 2023, inflation was measured at 22.79 percent. Therefore, the inflation rate has risen by 1.29 percentage points from June to July.
The NBS said, “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.
“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).”
