Economy

Nigeria’s inflation soars to unprecedented 24.08 percent in July

The National Bureau of Statistics (NBS) on Tuesday announced that inflation rose from 22.79% in June 2023 to 24.08% in July 2023, reports TheNiche.

 

This was contained in its report titled: “CPI and inflation report July 2023.”

 

The NBS said: “In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%.”

 

According to the report, 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.

 

It added 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%.

 

NBS noted 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).

 

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