Nigeria’s inflation hits 24.08% – NBS

The National Bureau of Statistics has revealed that Nigeria’s inflation rate rose to 24.08 per cent in July 2023.

This, according to the latest report by the statistics agency, is the highest recorded leap in 2023 and in a while.

In June, inflation was recorded at 22.79 per cent, but has now risen by 1.29 per cent.

The report read, “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.

“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”