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From Isaac Anumihe, Abuja
The upward journey of Nigeria’s inflationary trend is yet to abate with the Consumer Price Index (CPI) for July 2022 rising to 19.64 per cent from 18.60 per cent in June, 2022.
The document released by the National Bureau of Statistics (NBS), yesterday, attributed the increase to food inflation rate in July 2022 which hit 22.02 per cent on a year-on-year basis.
This was 0.99 per cent higher compared to the rate recorded in July 2021 (21.03 per cent). This rise in food inflation, NBS said, was caused by increases in prices of bread and cereals, food products n.e.c, potatoes, yam and other tubers, meat, fish, oil, and fat.
“On a month-on-month basis, the food inflation rate in July was 2.04 per cent. This was a 0.01per cent
insignificant decline compared to the rate recorded in June 2022 (2.05%). This decline is
attributed to a reduction in the prices of some food items like tubers, maize, garri, and
vegetables.
“The average annual rate of food inflation for the twelve-month period ending July 2022
over the previous twelve-month average was 18.75 per cent which was a 1.42 per cent points decline
from the average annual rate of change recorded in July 2021 (20.16 per cent)” NBS, said.
Meanwhile, the bureau noted that this rise in inflation was 2.27 per cent points higher compared to the
rate recorded in July 2021, which was (17.38 per cent). This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021).
“This means that in the month of July 2022 the general price level was 2.26 per cent higher than in July 2021. On a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was 0.001 per cent higher than the rate recorded in June 2022 (1.816 per cent). 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 16.75 per cent, showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.
“The increases were recorded in all Consumption According to Purpose (COICOP) divisions that yielded the headline index.
On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09 per cent; this was 2.08 per cent higher compared to 18.01 per cent recorded in July 2021. On a month-on-month basis, the urban inflation rate was 1.82 per cent in July 2022; this was a 0.0002 per cent decline compared to June
2022 (1.82 per cent)” the document explained, adding that the corresponding twelve-month average for the urban inflation rate was 17.29 per cent in July 2022.
This, it further explained, was 0.40 per cent higher compared to 16.89 per cent reported in July 2021.
“The rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis; this was 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021. On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, up by 0.002 per cent compared to June 2022 (1.809 per cent). The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25 per cent. This was 0.52 per cent higher compared to 15.73 per cent recorded in July 2021” the document, said.
