Nigeria’s inflation rises for seventh consecutive month, hits 24.08%

Nigeria’s inflation rises for seventh consecutive month, hits 24.08%

Nigeria’s inflation has risen for the seven consecutive time to 24.08 per cent, according to the latest report from the National Bureau of Statistics (NBS).

The NBS released the consumer price index (CPI), which measures the rate of change in prices of goods and services, on Tuesday.

It said the latest inflation rate rose from 22.79 per cent in the previous month.

The food Inflation rose YoY by 1.73 percentage points to 26.98 percent in July from 25.25 percent in June.

The NBS said, ” The Food inflation rate in July 2023 was 26.98 percent on a YoY basis, which was 4.97 percentage points higher compared to the rate recorded in July 2022 (22.02 percent).

“The rise in food inflation on a YoY 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.”