In July, Nigeria recorded its highest inflation in 17 years: NBS
In July 2022, Nigeria’s inflation rate reached a 17-year high of 19.64%, according to the National Bureau of Statistics’ recently released Consumer Price Index (CPI) report for the month of July 2022.
The latest inflation data represents a 1.04 per cent increase from the 18.6% recorded in June 2022.
Nigeria’s inflation rate last exceeded 19.64% in September 2005, when it reached 24.32%. This is according to Nairalytics, a web portal that publishes historical macroeconomic data for Nigeria.
Notably, increases in the food and core indexes drove the inflation rate up.
From a reading of 20.6% in June 2022, food inflation increased to 22.02%. The NBS claims that increases in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as meat, fish, oil, and fat, are to blame for the rise in food inflation.
Also, core inflation, which excludes the price of erratic agricultural products, increased from 15.75% to 16.26% in July 2022.
Prices for gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair, and clothing hire recorded the highest increase for the month of July.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
IG Disu commends security agencies over rescue of Oriire abduction victims
He said it was time for all Nigerians to unite and support efforts to tackle insecurity.
States
Troops arrest suspected terrorist, rescue nine kidnap victims in Katsina
According to the operation’s spokesperson, the victims are being processed for reunification with their families.
World
China’s digital experience can drive BRICS economic transformation: Expert
He said China could contribute to BRICS’ digital transformation in three key areas: digital infrastructure, e-commerce platforms and innovation coordination.
World
Eight killed, 34 missing in China landslide
Chinese authorities said more than 1,000 residents were evacuated from the affected area.
Lagos
Lagos council chairman lauds community over voters’ awareness campaign
She said the committee’s efforts on registration, transfer, data correction and PVC validation support the administration’s drive to boost democratic participation in Ojokoro LCDA.
