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BREAKING: Nigeria’s inflation increases to 24.08% amid hike in food price

The most recent Consumer Price Index (CPI) report’s data indicates that Nigeria’s annual inflation rate increased to 24.08 percent.

Even though it’s a small difference, this is 1.29 basis points greater than the 0.38 point the June inflation rate grew by, bringing it to 22.79 percent.

This is also the seventh consecutive surge in the country’s inflation figure since the year began according to the National Bureau of Statistics.

The statistics office said on a year-on-year basis, the headline inflation rate was 4.44 per cent points higher when compared to the same month in the preceding year.

“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.

“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 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent” NBS said.

In addition, on a month-on-month basis, the headline inflation rate in July 2023 was 2.89 per cent which was 0.76 per cent higher than the rate recorded in June 2023 (2.13 per cent).


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