• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

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

by Mark Itsibor
2 years ago
in Business
inflation
Share on WhatsAppShare on FacebookShare on XTelegram

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.

Advertisement

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.

RELATED: Inflation Rises To 22.79%

RELATED

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

6 hours ago
Top Home Teams with Highest Win Rates: Who To Bet On

Top Home Teams with Highest Win Rates: Who To Bet On

10 hours ago

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).


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: inflation
SendShareTweetShare
Previous Post

IYC Blocks Police Headquarters Over Killing Of Ijaw Youth

Next Post

Chinese Lithium Prices Fall As Demand Decreases

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike
Business

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

2025/06/28
Top Home Teams with Highest Win Rates: Who To Bet On
Special Report

Top Home Teams with Highest Win Rates: Who To Bet On

2025/06/28
Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report
Business

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2025/06/28
Celebrating President Tinubu’s Remarkable Two Years In Office
Business

Tinubu Confers GCON Honour On Oramah

2025/06/28
Investors Gain N1.43trn From Stocks In 1 Week
Business

Investors Gain N1.43trn From Stocks In 1 Week

2025/06/28
Leadership Conference advertisement

LATEST

Bureaucratic Bottlenecks Delay Billionaire Dantata’s Burial In Saudi Arabia

Aikoriogie Hails Wike Over Reconciliation With Fubara, FCT Transformation

Kwara United Win 2025 President Federation Cup

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

Nollywood Filmmaker, Kayode Peters, Dies In Canada

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Fake News Threatens Military Morale — NYSDI

Akwa Ibom APC Chairman Killed In Brawl With PDP Supporters Over Largesse

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.