The National Bureau of Statistics (NBS), Monday, said that Nigeria’s rate of inflation rose to 12.82 per cent this July making it the highest ever recorded in the last 27 months.
According to the NBS in its July 2020 Consumer Price Index (CPI) and Inflation report issued today, the latest increase represents 0.26 per cent points higher than the rate recorded this June, which was 12.56 per cent.
According to the NBS, Nigeria’s inflation rate, which is measured by the country’s CPI, has been on the increase since the beginning of this year.
Findings have, however, revealed that in January, February, March, April, May, and June, the rates in percentages were 12.13; 12.20; 12.26; 12.34; 12.40; and 12.56 respectively.
The statement read in part, “In July, increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.”
It highlighted that on a month-on-month basis, the headline index increased by 1.25 per cent this July. “This was 0.04 per cent rate higher than the rate recorded in June 2020 of 1.21 per cent”.
“The corresponding 12-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020,” the bureau stated.
According to the report, this was higher than 12.50 per cent reported in June 2020, while the corresponding rural inflation rate this July was 11.49 per cent compared to 11.36 per cent recorded in June 2020.
The CPI report stated that urban inflation rate increased by 13.40 per cent year-on-year in July 2020.
It adds, “This was from 13.18 per cent recorded in June 2020, while the rural inflation rate increased by 12.28 per cent in July 2020 from 11.99 per cent in June 2020.”
Continuing, it hinted that on a month-on-month basis, the urban index rose by 1.27 per cent in July 2020, up by 0.04 from the 1.23 per cent recorded this June.
It stated, “On month-on-month basis, the headline index increased by 1.25 per cent in July 2020. This is 0.04 per cent rate higher than the rate recorded in June 2020 (1.21) per cent.”
As noted, “The rural index also rose by 1.23 per cent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) per cent.”
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