Nigeria’s inflation rate increased to 19.64%, a 17-year high. This contrasts with the 18.6% observed in June 2022, the preceding month.
The National Bureau of Statistics has just released its Consumer Price Index (CPI) report for July 2022, which contains the most recent information on inflation (NBS).
Inflation in Nigeria last exceeded 19.64% in September 2005, when it reached 24.32%. According to Analytics, a website platform that disseminates historical macroeconomic data for Nigeria, this is the case. Notably, increases in the food and core index were responsible for the increase in the inflation rate.
Further analysis of the study reveals that the rural inflation rate reached 19.22% from 16.75% recorded in the same period of 2021, while the urban inflation rate increased by 2.08% to 20.09% in July 2022 from 18.01% recorded in July 2021.
All things less farm produce, also known as core inflation, which does not include the price fluctuations of agricultural products, was 16.26% in July 2022 as opposed to 15.75% the month prior. The core inflation rate hasn’t been this high since January 2017, when it was 17.8%.
In July 2022, the core inflation rate was 1.75 every month. When compared to the 1.56% reported in June 2022, this was an increase of 0.20%.
Notably, the prices of gas, liquid fuel, solid fuel, air travel, road travel, clothing, cleaning, repair all saw significant price hikes.
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