JUST-IN: Nigeria’s Inflation Hits Record 24.08%

Nigeria’s headline inflation rate for the month of July 2023 increased to an all-time high of 24.08 per cent compared to 22.79 per cent recorded in June 2023.

The latest figure is an increase of 1.29 per cent points from June 2023 inflation figure.

Similarly, on a year-on-year basis, the headline inflation rate was 4.44 percentage points higher compared to the rate recorded in July 2022, which was 19.64 per cent according to latest figure released by the National Bureau of Statistics (NBS).

The increase in the headline index for July 2023 was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level.

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These increases were witnessed in food & non-alcoholic beverages (12.47 per cent), housing, water, electricity, gas & other fuel (4.03 per cent). Nigeria removed the subsidy on gasoline in May this year, causing a spike in the prices of petroleum products, with a spiral effect on the prices of other commodities.

The hike in general inflation was also reflected in clothing & footwear (1.84 per cent), transport (1.57 per cent), furnishings & household equipment & maintenance (1.21 per cent), education (0.95 per cent) and health (0.72 per cents).

The food component sub-index for July 2023 increased by 26.98 per cent on a year-on-year basis; this was 4.97 per cent points higher relative to the rate recorded in June 2022 (22.02 per cent).

The rise in the food index on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.

Similarly, the food inflation rate on a month-on-month basis, in July 2023 rose to 3.45 per cent, this was 1.06 per cent points higher compared to the rate recorded in June 2023 (2.40 per cent).