By Obinna Nwachukwu
Nigeria’s current inflation rate now stands at 19.
64% according to figures released by the Nigerian Bureau of Statistics( NBS) in Abuja this monday afternoon
The figure which was recorded at the end of July 2022 is 1. 817% higher than the June 2022 figure of 18.6%
The implication is that prices of goods and services would climb up the ladder at a time when many Nigerians can barely afforf 3 meals a day
NBS in the statement said the consumer Price Index (CPI) for July 2022 was 463.6 relative to 387.5 in July 2021.
In July 2022, on a year –on- year
basis, the headline inflation rate was 19.64%. This was 2.27% points higher compared to the
rate recorded in July 2021, which was (17.38 %).
This shows that the headline inflation rate in-
creased in the month of July 2022 when compared to the same month in the previous year
(i.e., July 2021).
It also means that in the month of July 2022 the general price level was 2.26%
higher than in July 2021.
On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was
0.001% higher than the rate recorded in June 2022 (1.816 %).
The percentage change in the average CPI for the twelve months period ending July 2022
over the average of the CPI for the previous twelve months period was 16.75%, showing a
0.46% increase compared to 16.30% recorded in July 2021.
The increases were recorded in all COICOP divisions that yielded the Headline index.
On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this
was 2.08% higher compared to 18.01% recorded in July 2021. On a month-on-month basis,
the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June
2022 (1.82%). The corresponding twelve-month average for the urban inflation rate was 17.29
% in July 2022.
This was 0.40% higher compared to 16.89% reported in July 2021.
The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% high-
er compared to the 16.75% recorded in July 2021. On a month-on-month basis, the rural in-
flation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%). The cor-
responding twelve-month average for the rural inflation rate in July 2022 was 16.25%.
This
was 0.52% higher compared to 15.73% recorded in July 2021.
Nigerian inflation rate in the month of June 2022 rose to 18.6% compared to 17.71% recorded in the previous month of July
This is according to the recently released CPI report for the month of June 2022, by the National Bureau of Statistics (NBS).
Nigeria’s inflation rate climbed to its highest level in 65 months (over 5 years), and the fifth consecutive monthly rise.
The last time the inflation rate in Nigeria touched the 18.6% ceiling was January 2017, when it stood at 18.72%.