News reaching VERY SERIAL reports that the indicates that Nigeria’s headline inflation has risen to an historic record high of 24.08% in July 2023, highest so far this year, according to data just released from the National Bureau of Statistics. This is the highest recorded ascent in 2023 and a while.
In June, inflation was recorded at 22.79 per cent, but has now jumped by 1.29 percentage points.
The NBS said, “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).”
How Prices of Petty Foodstuff such as Bread, Yam, Egg, Others Pushed Food Inflation to 26.98%
The report also said the food inflation rate in July 2023 hit 26.98 perecnt on a year-on-year basis. This was 4.97 percent points higher relative to the rate recorded in the same month last year.
The rise in the food index, NBS said, was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.
“On a month-on-month basis, the food inflation rate in July 2023 was 3.45 percent, this was 1.06 percent higher compared to the rate recorded in June 2023 (2.40 perecnt). The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat,” the report reads.
“The average annual rate of food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46 percent, which was a 5.71 perecent points increase from the average annual rate of change recorded in July 2022 (18.75 percent).”
