Economy

Nigeria’s inflation hits 19.64%

Nigeria’s inflation rate hit a 17-year high of 19.64 per cent in July just a month after surging to 18.6 per cent recorded in June 2022.

This was disclosed in a Consumer Price Index report for the month of July 2022 according to the National Bureau of Statistics.

Food inflated to 22.02% from the 20.6% recorded in June 2022.

The NBS ascribed inflation in food to an increase in bread, cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat prices.

Also, the core inflation surged to 16.26% in the month of July 2022, from 15.75% recorded in the previous month, this is excluding the prices of volatile agricultural produce

While, Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing experienced the highest increases.

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