Nigeria Inflation Rate Hits 17.1% In July – NBS

Inflation 1

The National Bureau of Statistics (NBS) has said that Consumer Price Index (CPI) which measures inflation has reached a record high of 17.1 per cent in July; 0.6 per cent points higher from 16.5 per cent in June.

In its Consumer Price Index report released on Wednesday in Abuja, NBS stated that increases were recorded in all COICOP divisions which contribute to the Headline index reflecting higher prices across the economy which was weighed upon by a slower increase in three divisions of Health, Transport, and Recreation & Culture divisions.

According to the report, “The onset of the harvest season is yet to have a significant impact on food prices as the Food Sub-index increased by 15.8 per cent (year-on-year) in July, 0.5per cent points lower from rates recorded in June.”

(adsbygoogle=window.adsbygoogle||[]).push({});

“Prices however increased at a slower pace across a few groups within the Food sub-index namely Milk, Cheese and Eggs; Oils and Fats; and Fruits. In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.4 per cent points from June to 20.5 per cent in July.” it said.

The report noted that during the month, the highest increases were seen in Electricity, Liquid Fuel (kerosene), Solid Fuels, and “Fuels and Lubricants for Personal Transport Equipment” groups while Energy and energy related prices continue to be the largest increases reflected in the Core sub-index.