By Ikugbadi Oluwasegun
The National Bureau of Statistics (NBS) has announced that the new inflation rate in Nigeria has hit 24.08% on Tuesday.
According NBS, the headline inflation rate in Nigeria climbed to 24.08% in July 2023, marking an increase from June 2023’s rate of 22.79%.
This increase was largely influenced by rising costs in various sectors such as Passenger Transport by Air, Vehicle Spare parts, and Medical Services.
The rise of 1.29% over the previous month’s inflation was emphasised in the NBS report. The increase was attributed to higher contributions from various items within the basket of goods and services at the divisional level. Notably, increases were observed in categories like Food and Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, gas, and Other Fuel (4.03%), and more.
The food component sub-index saw a year-on-year increase of 26.98%, primarily due to higher prices in items such as Oil and fat, Bread and cereals, Fish, and other essential food items. Additionally, the month-on-month food inflation rate rose to 3.45% in July 2023. For all items except farm produce, the inflation figure stood at 20.47% on a year-on-year basis.