Latest report by the National Bureau of Statistics (NBS) has shown that Nigeria’s inflation rate rose by 12.82% (year-on-year) in July, compared to 12.56% recorded in June 2020.
This, according to NBS, is the highest rate recorded in 27 months since March 2018 when headline inflation was 13.34%.
This the Consumer Price Index (CPI) report released by the NBS showed that in terms of food inflation on a year on year basis, Kogi state (20.09%) recorded the highest followed by Sokoto (19.28%) and Plateau (18.05%), while Adamawa (13.37%), Abia (13.33%), and Lagos (13.13%) recorded the slowest rise.
“On month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.
“The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020,” it stated.
The urban inflation rate, according to the report, increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent
recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.
Also, the composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish.
“On month-on-month basis, the food sub-index increased by 1.52 percent in July 2020, up by 0.04 percent points from 1.48 percent recorded in June 2020.
“The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63 percent, 0.17 percent points from the average annual rate of change recorded in June 2020 (14.46) percent,” it stated.
