Nigeria’s headline inflation rate has surged to 24.08% in the month of July 2023, marking a significant escalation as revealed by the National Bureau of Statistics (NBS).
This notable increase represents the most substantial leap recorded this year and even in recent periods.
Comparatively, the previous month of June had seen an inflation rate of 22.79%, indicating a remarkable rise of 1.29 percentage points.
The NBS said, “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. 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).”