The National Bureau of Statistics, NBS, has revealed that the headline inflation rate rose to 24.08% in July relative to June 2023 headline inflation rate which was 22.79%.
NBS stated this in its Consumer Price Index (CPI) report released on Tuesday. The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living
In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%. Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate.
On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%. 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).
In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.
The Food inflation rate in July 2023 was 26.98% on a year-on-year basis, which was 4.97% points higher compared to the rate recorded in July 2022 (22.02%). The rise in food inflation 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.
The percentage change in the average CPI for the twelve-month period ending July 2023 over the average of the CPI for the previous twelve-month period was 21.92%, showing a 5.17% increase compared to 16.75% recorded in July 2022.
