, Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.){kind=link}
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According to latest report by the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.
The NBS made this known via its Consumer Price Index (CPI) and Inflation Report for July 2023 released on Thursday, August 15.
It stated: “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent.
“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).”
Nigeria’s inflation rate rose to 22.79 per cent in June from 22.41 per cent in May 2023 on account of higher food prices.