By Daniel Edu

Nigeria’s headline inflation has surged to 24.08% in July 2023, marking the highest recorded leap this year, according to data released by the National Bureau of Statistics (NBS).

In comparison, the inflation rate was 22.79% in June, indicating an increase of 1.29 percentage points in July. The year-on-year basis reveals a significant rise of 4.44 percentage points from the inflation rate recorded in July 2022, which stood at 19.64%.

The NBS stated, “In July 2023, the headline inflation rate rose to 24.08% relative to June 2023’s headline inflation rate of 22.79%. This indicates a movement increase of 1.29% points compared to the previous month’s rate. On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%. This demonstrates that the headline inflation rate for July 2023 increased compared to the same month in the preceding year, July 2022.”

This notable surge in inflation signals the challenges faced by the Nigerian economy in managing price stability and highlights the ongoing concerns regarding rising costs of goods and services.