UPDATE: Inflation in Nigeria hits 17-year high amid soaring food prices
Nigeria's inflation rate hit 19.64% in July, the highest rate since September 2005, the National Bureau of Statistics (NBS) said on Monday.
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, jumped 18.60% in the previous month, its highest level in 17 years.
The increase was recorded against a backdrop of food inflation, which reached 22.02% in July from 20.60% in June. The rise in the food index was caused by higher prices for bread and cereals, food products, potatoes, yams and other tubers, meat, fish, oil and fats.
In its Consumer Price Index (CPI) report for July 2022, the SNB said that on a monthly basis, the headline inflation rate in July 2022 was 1.817%, or 0.001% of more than the rate recorded in June. 2022 (1.816%).
READ ALSO:"The percentage change in the average CPI for the twelve-month period ending July 2022 from the average CPI for the previous twelve-month period was 16.75%, showing an increase of 0.46% compared to the 16.30% recorded in July 2021,” the report says.
Food inflationOn a monthly basis, the report states that the inflation rate for food in July was 2.04%, an insignificant drop of 0.01% from the rate recorded in June 2022 (2.05%) .
“This drop is attributed to a reduction in the prices of certain food products such as tubers, maize, garri and vegetables,” the report says.
State by state, Akwa Ibom, Ebonyi, and Kogi states recorded the highest prices, while Jigawa, Kano, and Borno recorded the slowest rise in inflation.
>"In July 2022, the inflation rate for all items on an annual basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%) , while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the smallest increase in headline inflation year-on-year," the report said. .
“However, on a monthly basis, July 2022 saw the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0. 82%), Kano (0.83%).%), and Niger (1.03%) recorded the smallest increase in inflation from one month to the next."
At the same time, "headline minus agricultural products" or core inflation, which excludes the prices of volatile agricultural products, stood at 16.26% in July 2022, compared to 15.75% recorded the previous month. On a monthly basis, the core inflation rate was 1.75% in July 2022, up 0.20% from the 1.56% recorded in June 2022.
The report indicates that the largest increases were recorded in the prices of gas, liquid fuels, solid fuels, passenger transport by road and air, clothing, cleaning, repair and maintenance. clothing rental.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
Nigeria's inflation rate hit 19.64% in July, the highest rate since September 2005, the National Bureau of Statistics (NBS) said on Monday.
The Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, jumped 18.60% in the previous month, its highest level in 17 years.
The increase was recorded against a backdrop of food inflation, which reached 22.02% in July from 20.60% in June. The rise in the food index was caused by higher prices for bread and cereals, food products, potatoes, yams and other tubers, meat, fish, oil and fats.
In its Consumer Price Index (CPI) report for July 2022, the SNB said that on a monthly basis, the headline inflation rate in July 2022 was 1.817%, or 0.001% of more than the rate recorded in June. 2022 (1.816%).
READ ALSO:"The percentage change in the average CPI for the twelve-month period ending July 2022 from the average CPI for the previous twelve-month period was 16.75%, showing an increase of 0.46% compared to the 16.30% recorded in July 2021,” the report says.
Food inflationOn a monthly basis, the report states that the inflation rate for food in July was 2.04%, an insignificant drop of 0.01% from the rate recorded in June 2022 (2.05%) .
“This drop is attributed to a reduction in the prices of certain food products such as tubers, maize, garri and vegetables,” the report says.
State by state, Akwa Ibom, Ebonyi, and Kogi states recorded the highest prices, while Jigawa, Kano, and Borno recorded the slowest rise in inflation.
>"In July 2022, the inflation rate for all items on an annual basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%) , while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the smallest increase in headline inflation year-on-year," the report said. .
“However, on a monthly basis, July 2022 saw the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0. 82%), Kano (0.83%).%), and Niger (1.03%) recorded the smallest increase in inflation from one month to the next."
At the same time, "headline minus agricultural products" or core inflation, which excludes the prices of volatile agricultural products, stood at 16.26% in July 2022, compared to 15.75% recorded the previous month. On a monthly basis, the core inflation rate was 1.75% in July 2022, up 0.20% from the 1.56% recorded in June 2022.
The report indicates that the largest increases were recorded in the prices of gas, liquid fuels, solid fuels, passenger transport by road and air, clothing, cleaning, repair and maintenance. clothing rental.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
What's Your Reaction?
