Food, Fuel, Others Push Nigeria’s Inflation Rate To 19.64% -NBS

The July 2022 data from the National Bureau of Statistics (NBS) shows that the country’s inflation rate has increased on a year –on- year basis to 19.64 percent.

NBS’s Consumer Price Index (CPI) which measures the inflation rate, revealed that the current rate was majorly driven by prices of food, fuel and clothing.

The Bureau said, the 19.64% rate which was highest since 2005 was also 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %).

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

“This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021”, the Bureau said.

It said, on a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

It said, the percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021. The increases were recorded in all COICOP divisions that yielded the Headline index.

NBS said, “on a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021.

“On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%).

“The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021.

“The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021.

“On a month-on-month basis, the rural inflation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%).

“The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021”, it said.

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