Inflation Increase

Nigeria’s Inflation Rate Hits 12.8% in July

Nigeria’s consumer price index (CPI) which measues inflation rate rose further to 12.82 per cent in July, representing 0.26 per cent increase from (12.56) percent recorded in June, 2020.

According to the National Bureau of Statistics (NBS) on Monday, the latest CPI data is the highest in 27 months, as food prices continued to surge.

Nigeria’s inflation, made worse by last year’s border closure and the coronavirus pandemic, has continued to rise for months as prices of staple foods like rice, frozen foods, vegetable oil, processed foods remain high.

In the new report, the composite food index rose by 15.48 per cent in July compared to 15.18 per cent 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,” the report said.

Indicating the impact of food prices, core inflation, which excludes the prices of volatile agricultural produce, stood at 10.10 per cent in July 2020, down by 0.03 percent when compared with 10.13 percent recorded in June 2020.

“The highest increases were recorded in prices of Medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts,” the report stated.

In July 2020, all items inflation on year on year basis was highest in Bauchi (16.10%), Kogi (15.90%) and Sokoto and Plateau (15.20%), while Lagos (10.70%), Adamawa (10.60%) and Kwara (10.50%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis however, July 2020 all items inflation was highest in Kogi (2.85%), Zamfara (2.44%) and Yobe (2.35%), while Ondo (0.67%), Adamawa (0.63%) and Ogun and Imo (0.62%) recorded the slowest rise in headline month on month inflation.

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