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

The National Bureau of Statistics (NBS) has said Nigeria’s inflation rate rose to 19.64 per cent in July 2022.

The NBS made this known via its Consumer Price Index (CPI) report for the month of July which was released on Monday.

This is the highest inflation figure since September 2005 when Nigeria’s inflation rate was 24.3 per cent.

The figure is also 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 percent.

The NBS noted that increases were recorded in all classifications of individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the NBS stated.

It added that food inflation rose to 22.02 percent in July, compared to 20.60 per cent in June.

READ ALSO: Nigeria’s inflation rate hits 18.6%

According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

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

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

Akwa Ibom State recorded the highest inflation rate in the month under review with 22.88%, closely followed by Ebonyi State with 22.51%.

Others include Kogi State (22.08%), Bayelsa State (21.6%), and Rivers State (21.37%).

However, Jigawa, Kano, and Borno states recorded the slowest rise in inflation.

In terms of food inflation rate, Kwara State recorded the highest with 29.28%, followed by Akwa Ibom (27.22%).

Kogi State recorded 26.08% food inflation rate in July 2022, Ebonyi State recorded 25.83%, while Ekiti State recorded 24.78%.

The Star