x

Nigeria’s Inflation Soars to 24.08% in July – NBS

Nigeria’s inflation rate increased to 24.08% in the month of July 2023, from the 22.79% recorded in June 2023.

This was revealed in a report released by the National Bureau of Statistics (NBS) on Tuesday, August 15. This is the seventh consecutive rise in the country’s inflation rate this year.

The increased inflation rate was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level.

The food component sub-index increased by 26.98% on a year-on-year basis, which was 4.97% points higher relative to the rate recorded in June 2022 (22.02%).

The report read;

“These increases were witnessed in Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), Furnishings & Household Equipment & Maintenance (1.21%), Education (0.95%) and Health (0.72%). Others are Miscellaneous Goods & Services (0.40%), Restaurants & Hotels (0.29%), Alcoholic Beverages, Tobacco & Kola (0.26%), Recreation & Culture (0.17%), and Communication (0.16%).

“The rise in Food index on a year-on-year 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.

“Similarly, the food inflation rate on a month-on-month basis, in July 2023, rose to 3.45%, which was 1.06% points higher compared to the rate recorded in June 2023 (2.40%).”

Hot this week

Outcry as WhatsApp Bans Nigerian Journalist’s MTN Line Without Warning or Clear Reason

By Achadu Gabriel, KadunaThere has been widespread outrage following...

University Education Transformation Requires Collective Effort — Fagbemi

By Noah Ocheni, LokojaThe Attorney General of the Federation...

You’ll Remain a social media president- Wike taunts Peter Obi

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike...

MRA Condemns INEC’s N1.5bn Fee for Voters Register Under FOI Act

By Achadu Gabriel, KadunaThe Independent National Electoral Commission (INEC)...

Kano Speaker Falgore Hails Kwankwaso as a Beacon of Hope on His Birthday

By Jabiru Hassan, KanoThe Speaker of the Kano State...

China: Africa’s Most Reliable Companion on Africa’s Path to Development

By:-H.E. Ambassador JIANG Feng, Head of the Mission of the People’s Republic of...

Kano Speaker Falgore Hails Kwankwaso as a Beacon of Hope on His Birthday

By Jabiru Hassan, KanoThe Speaker of the Kano State...

BREAKING: Police Arrest Omoyele Sowore at Abuja Court

Human rights activist and publisher, Omoyele Sowore, was arrested...

Truck Crushes Female Federal University Lokoja Lecturer to Death in Lokoja

By Noah Ocheni, LokojaA female lecturer at the Federal...

KADMAM-CSO Urges Transparent Use, Community Monitoring of N32.9bn Basic Health Care Fund

By Achadu Gabriel, KadunaThe Maternal Accountability Mechanism in Kaduna...

Dencia Weighs In on Regina Daniels, Ned Nwoko Marriage Drama

Cameroonian singer and entrepreneur, Dencia, has reacted to the...

Related Articles

Popular Categories

spot_imgspot_img