Inflation Rate In Nigeria Jumps To 24.08% In July -- NBS

 The National Bureau of Statistics NBS has said inflation rate in Nigeria has shoot up to 24.08 percent in July 2023.

The latest revelation by NBS implies that this would be the highest recorded leap in 2023 and a while.

Inflation in June stood at 22.79 per cent, and now jumped by 1.29 percentage points for July.

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 “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent", the NBS said.

“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”