Nigeria's inflation rate increases to 24.08%

The consumer price index (CPI), which gauges how quickly prices for goods and services rise, increased from 22.79 percent in June to 24.08 percent in July 2023.

The most recent statistic represents the country's inflation rate's seventh straight increase this year.

In its CPI report for July 2023, which was published on Tuesday, the National Bureau of Statistics (NBS) accurately depicted the inflationary trend across the country.

According to research by TheCable Index, the most recent inflation rate is the highest in more than ten years. 

Inflation in Nigeria last hit a rate of 24 percent in September 2005, when it was 24.3 percent.

In July 2023, the headline inflation rate increased from the previous month's rate of 22.79 percent to 24.08 percent, according to the NBS report. 

 “Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 percent points when compared to June 2023 headline inflation rate,” NBS said.

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

“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).”

According to NBS, the headline inflation rate for July 2023 was 2.89 percent, which is 0.76 percent higher than the rate for June (2.13 percent), on a month-over-month basis.

Accordingly, the general price level was, on average, 0.76 percent higher in July 2023 than it was in June 2023.

“The percentage change in the average CPI for the twelve-month period ending July 2023, over the average of the CPI for the previous twelve-month period, was 21.92 percent; showing a 5.17 perecnt increase compared to 16.75 percent recorded in July 2022,” the data body said.

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