Nigeria’s inflation rate in July 2023 jumped to 24.08 percent, rising 1.29 percent over the 22.79 percent recorded in June 2023
The latest data from the National Bureau of Statistics (NBS) shows that, on a year-on-year basis, the headline inflation rate was 4.44 percent higher than the 19.64 percent rate recorded in July 2022.
As usual, food and Non-Alcoholic beverages pushed the rate up, contributing 12.47 percent of the total factors, while housing, water, electricity, gas, and other fuel contributed 4.03 percent of the latest rise in inflation.
On an annual basis, the food inflation rate in July 2023 was 26.98 percent, representing 4.97 percent higher than the 22.02 percent recorded in July 2022.
NBS data show the rise in food inflation on a yearly basis 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 however, the food inflation rate in July 2023 was 3.45 percent, indicating 1.06 percent higher than the 2.40 percent rate recorded in June 2023. The monthly rise in Food inflation was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Fish, Oil, and Fat.
The average annual rate of food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46 percent, a 5.71 percent point increase from the average annual rate of 18.75 percent recorded in July 2022.
On a month-on-month basis, the general price level in July 2023 was 2.89 percent, higher by 0.76 percent higher than the 21.3 percent recorded 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 percent increase compared to 16.75 percent recorded in July 2022.
The urban inflation rate on a year-on-year basis in July 2023 was 25.83 percent, and 5.74 percent higher than the 20.09 percent recorded in July 2022.
The Urban inflation rate was 3.05 percent in July 2023, 0.75 percent higher compared to 2.31 percent in June 2023 while the twelve-month average for the Urban inflation rate was 22.87 percent in July 2023, representing 5.59 percent higher than the 17.29 percent reported in July 2022.
For rural inflation, the rate in July 2023 was 22.49 percent on a year-on-year basis, showing a 3.26 percent higher than the 19.22 percent recorded in July 2022.
On a month-on-month basis, the rural inflation rate in July 2023 was 2.74 percent, up by 0.78 percent over 1.96 percent in June 2023.
NBS says the core inflation which excludes the prices of volatile agricultural produces and energy stood at 20.47 percent in July 2023 on a year-on-year basis; up by 4.41 percent when compared to the 16.06 percent recorded in July 2022.
The highest increases were recorded in prices of Passenger Transport by Air, Passenger Transport by Road, Vehicle Spare Parts, Medical Services, Maintenance, and repair of personal transport equipment, etc.
On a month-on-month basis, the core Inflation rate was 2.11 percent in July 2023, up by 0.34 percent points from 1.77 percent in June 2023. The average twelve-month annual inflation rate was 18.84% for the twelve-month ending July 2023; this was 4.31% points higher than the 14.53% recorded in July 2022.
Across the state of the federation on an annual basis in July 2023, inflation was highest in Kogi (28.45%), trailed by Lagos (27.30%) and Ondo (26.83%), while Borno (20.71%), Jigawa (20.85%) and Sokoto (20.92%) recorded the slowest rise.
On a month-on-month basis, however, July 2023 recorded the highest increases in Kogi (4.99%), Abia (4.12%), Akwa Ibom (4.07%), while Jigawa (0.16%), Taraba (1.09%) and Yobe (1.10%) recorded the slowest rise on month-on-month inflation.
Food Inflation however in July 2023 was highest in Kogi (34.53%), Lagos (32.52%), and Bayelsa (31.31%), while Jigawa (20.90%), Sokoto (21.63%) and Kebbi (22.45%) recorded the slowest rise in Food inflation on a year-on-year basis.
On a month-on-month basis, however, July 2023 Food inflation was highest in Kogi (6.73%), Akwa Ibom (5.64%), and Bayelsa (4.59%), while Taraba (-0.21%), Jigawa (0.28%) and Yobe (0.90%) recorded the slowest rise in inflation on a month-on-month basis.
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