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.”

Showbiz
‘Home Alone 2’ actress Brenda Fricker dies at 81
She was born in 1945 in Dublin, Ireland.

Africa
Ghana TikToker jailed after claiming President Mahama sacrificed 32 cows to win election
Mr Mahama made a comeback in 2024 after losing reelection in 2016.

Education
Taraba college of education to commence degree programmes
The provost assured parents of uninterrupted academic activities.

Heading 3
Nutrition 774: Shettima urges LG chairmen to tackle malnutritionÂ
He described local government chairmen as the closest tier of government to the people.Â

NationWide
CDD tasks Nigerian leaders on community development
Ugwe Benedict, one of the school administrators, said the project would bring relief to the school.

NationWide
Nigeria, Benin bust smugglers in first intelligence-led border operation
According to the organisation, the operation followed a rigorous training programme.





