In July 2022, Nigeria’s inflation rate increased to 19.64% from the previous month’s figure of 18.6%. This is supported by the National Bureau of Statistics’s recently issued CPI report for the month of July 2022. (NBS).
From a reading of 20.6% in June 2022, food inflation increased to 22.02%. The NBS claims that rises in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as meat, fish, oil, and fat are to blame for the rise in food inflation.
In the same vein, the core inflation, which excludes the prices of volatile agricultural produce increased to 16.26% in the month of July 2022, from 15.75% recorded in the previous month.
The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.