Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005, the National Bureau of Statistics (NBS) said on Monday.
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged 17-year high from 18.60 percent in the previous month.
The increase was recorded against the backdrop of food inflation, which rose to 22.02 percent in July from 20.60 percent in June. The rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.
The NBS in its Consumer Price Index (CPI) report for July 2022 said that 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 %).
“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…
