…Highest in a decade
The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released for July 2023, yesterday, disclosed that inflation rate shot up from 22.79 percent in the previous months to 24.08 percent in July 2023.
The nation’s annual inflation rate rose for the seventh consecutive month since the year began with latest figure showing an increase of 1.29 points, when compared to June headline inflation rate.
“In July 2023, the headline inflation rate rose to 24.08 percent relative to June 2023 headline inflation rate, which was 22.79 percent. Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4. 44 percent points higher compared to the rate recorded in July 2022, which was 19.64 percent”, the NBS stated.
