Nigeria’s inflation rate hits 19.64 percent, highest in 17 years | latest news from nigerian newspapers today

Nigeria’s inflation rate hits 19.64 percent, highest in 17 years

Business & Economy Interest rate

Nigeria’s rate of inflation redoubled from 18.60 % in june to 19.64 % in July 2022, making it the highest recorded since Sept 2005.

This was disclosed in the National Bureau of Statistics (NBS) consumer price index (CPI) report for July 2022 consumer on Mon Assumption.

Giving a breakdown of the report in a very statement, Statistician-General of the Federation and Chief military officer, National Bureau of Statistics, prince Semiu Adeniran said the CPI measures the average change over time in the costs of goods and services consumed by individuals for day-after-day living.

Adeniran also disclosed that it’s a core political economy indicator utilized in the derivation of the rate of inflation for policy, planning, associated monitoring of an economy.

According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

It read;

“On a month-on-month basis, the Headline inflation rate in July 2022 was one.817 %, that was zero.001% on top of the rate recorded in june 2022 (1.816 %).

“The share change within the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months amount was 16.75%, showing a zero.46% increase compared to 16.30% recorded in July 2021.”

The report revealed that food inflation rose to twenty two.02 % in July, an dealing compared to 20.60 % in june.

Rise in the food index was caused by will increase in costs of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

It added;

“On a month-on-month basis, the food rate of inflation in July was 2.04%, this was a 0.01% insignificant decline compared to the speed recorded in june 2022 (2.05%),” the report adds.

“This decline is attributed to a reduction in the costs of some food items like tubers, maize, garri, and vegetables.”

Akwa Ibom, Ebonyi and Kogi states witnessed the highest costs, while Jigawa, Kano and Borno recorded the slowest rise in inflation.

It read;

“In July 2022, all items’ rate of inflation on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation,” the report said.

“However, on a month-on-month basis, July 2022 recorded the best will increase in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation.”

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