Nigerias inflation rate in the month of July 2022 rose to a 17-year high of 19.64%, as the prices of food rose across the nation, the National Bureau of Statistics, (NBS), has disclosed.
In a report it released yesterday, the NBS said the figure was 2.27% higher compared to 17.38% recorded in July 2021.
On a month-on-month basis, it said the headline inflation rate in July 2022 was 1.817%, which was 0.001% higher than 1.816% recorded in June 2022. It further said food inflation rose to 22.02% on a year-on-year basis; which was 0.99% higher compared to the rate (21.03%) recorded in July 2021.
The rise in the food index, the NBS said, was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat. It, however, said there was a 0.01% decline in food inflation when compared to June, due to reduction in prices of some food items like tubers, maize, garri and vegetables.
The report said the highest increases were recorded in prices of gas, liquid fuel, solid fuel, passenger transport by road and air, garments, cleaning, repair, and hire of clothing.
