The National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate increased to 24.08 per cent in July 2023.
The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for July, which was released in Abuja on Tuesday.
According to the report, the figure is 1.29 per cent points higher compared to the 22.79 per cent recorded in June.
It said on a year-on-year basis, the headline inflation rate in July was 4.44 per cent higher than the rate recorded in July 2022 at 19.64 per cent.
It added: “This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same period in July 2022.”
The report said that the contributions of items on the divisional level to the increase in the headline index were food and non-alcoholic beverages at 12.47 per cent and housing, water, electricity, gas and other fuel at 4.03 per cent.
Others were; clothing and footwear at 1.84 per cent; transport at 1.57 per cent; furnishings,…
