Nigeria’s inflation rate rises to 19.64%

Report published by the National Bureau of Statistics revealed that Nigeria’s inflation rate in July 2022 increased to 19.64% from 18.60% recorded in the month of June.

This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %). 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% higher than in July 2021.

On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021. On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%). The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021.

The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021. On a month-on-month basis, the rural inflation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%). The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021.

The food inflation rate in July 2022 was 22.02 % on a year-on-year basis; which was 0.99% higher compared to the rate recorded in July 2021 (21.03%). This rise in food inflation 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.

Food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.

Source: Nigeria’s inflation rate rises to 19.64% – StocksWatch (stocksng.com)

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