NIGERIA’S INFLATION RATE INCREASED TO 24.08% IN JULY, ACCORDING TO NBS.

Tunji Wusu –

The National Bureau of Statistics reported that in July 2023, the headline inflation rate in Nigeria increased to 24.08 percent.

This is the largest reported leap seen in 2023.

Inflation was 22.79% in June, but it has since increased by 1.29 percentage points.

According to the NBS, the headline inflation rate increased to 24.08 percent in July 2023 from 22.79 percent in June 2023.

“Based on the movement, the headline inflation rate for July 2023 increased by 1.29 percentage points when compared to the headline inflation rate for June 2023.

“On an annual basis, the headline inflation rate was 4.44 percentage points higher than the 19.64 percentage point rate registered in July 2022. This demonstrates that in July 2023 compared to the same month the year before (i.e., July 2022) the headline inflation rate increased on an annual basis.