Inflation rises to 24.08% in July from 22.79% in June

From Isaac Anumihe, Abuja

The rising inflation of goods and services which appears irresolute in recent times, has in July, hit 24.08 per cent from June’s rate of 22.79 per cent.

In a statement, National Bureau of Statistics (NBS), pointed fingers at food inflation rate in July 2023 which was 26.98 per cent on a year-on-year basis.

According to the bureau, the food inflation was 4.97 per cent
points higher compared to the rate recorded in July 2022 (22.02 per cent).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and
eggs.
“On a month-on-month basis, the food inflation rate in July 2023 was 3.45 per cent. This was
1.06 per cent higher compared to the rate recorded in June 2023 (2.40 per cent).

“The rise in food inflation on a month-on-month basis was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fish, oil, and fat.
“The average annual rate of food inflation for the twelve-month ending July 2023 over the
previous twelve-month average was 24.46 per cent, which was a 5.71 per points increase from the
average annual rate of change recorded in July 2022 (18.75 per cent)” NBS, said.

The bureau noted that 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 saying that 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).
“In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent,
which was 0.76 per cent higher than the rate recorded in June 2023 (2.13 per cent). This means that in July 2023, on average, the general price level was 0.76 per cent higher relative to June 2023″NBS said.ENDS