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HomeEconomyNigeria’s inflation rate increases to 19.64% — NBS

Nigeria’s inflation rate increases to 19.64% — NBS

The National Bureau of Statistics (NBS), says Nigeria’s inflation rate increased to 19.64 percent on a year-on-year basis in July.

Prince Semiu Adeniran, the Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS) said this in the Consumer Price Index (CPI) for July 2022 released by the bureau in Abuja on Monday.

Adeniran said the report showed that in July 2022, on a year–on–year basis, the headline inflation rate was 19.64 percent.

“This is 2.27 percent points higher compared to the rate recorded in July 2021, which was 17.38 percent.

“This shows that the headline inflation rate increased in July 2022 when compared to the same month in the previous year of July 2021.

“This means that in July 2022, the general price level was 2.26 percent higher than in July 2021.’’

He said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

Adeniran said the increase in inflation was caused by an increase in the food index attributed to the disruption in the supply of food products.

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