Nigeria’s Consumer Price Index (CPI), which is used to measure the level of inflation in rhe nation’s economy, surged to 24.08% in the month of July this year, representing a 129 basis-point increase compared to 22.79% recorded in the previous month.
According to the latest in the Consumer Price Index (CPI) report published on Tuesday by the National Bureau of Statistics (NBS), the increase in the general price level in July represents the sixth consecutive increase in the headline index this year.
The Bureau indicated that Food and alcoholic beverages contributed most to the surge in the price level during the month.
The report showed that on a month-on-month basis, the headline inflation rate stood at 2.89% in July which was 0.76% higher than the 2.13% rate recorded in the preceding month.
In terms of contribution to the year-on-year inflation, the statistics agency indicated that Food and non-alcoholic beverages contributed 12.47%, the highest percentage followed by Housing water, electricity, gas and other fuel at 4.03%, and clothing and footwear which contributed 1.84%.
Similarly, the July CPI report reflected that the Food inflation rate rose to 26.98% in July 2023, representing a 1.73% point increase from 25.25% recorded in the previous month and 4.97% points higher than 22.02% recorded in the corresponding period of 2022.
The Bureau indicated that on a month-on-month basis, the Food inflation rate in July 2023 was 3.45%, this was 1.06% higher compared to the 2.4% rate recorded in June
Also, it reported that the average annual rate of Food inflation for the twelve-month ending July 2023 over the previous twelve-month average was 24.46%, which was a 5.71% points increase from the average annual rate of change recorded in July 2022 (18.75%).
The statistics agency attributed the rise in Food inflation on a year-on-year basis to increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.
On Core inflation, it stated that the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 20.47% in July 2023 on a year-on-year basis; up by 4.41% when compared to the 16.06% recorded in July 2022.
The NBS further clarified: “On a month-on-month basis, the Core inflation rate was 2.11% in July 2023. It stood at 1.77% in June 2023, up by 0.34%.
“The average twelve-month annual inflation rate was 18.84% for the twelve-month ending July 2023; this was 4.31% points higher than the 14.53% recorded in July 2022.
“The highest increases were recorded in prices of passenger transport by air, passenger transport by road, vehicle spare parts, medical services, maintenance, and repair of personal transport equipment”, the Bureau added.
