Nigeria’s headline inflation rate surged to 24.08% in July 2023, marking the highest leap of the year. The National Bureau of Statistics (NBS) revealed this significant increase from June’s rate of 22.79%, a jump of 1.29 percentage points.
The NBS explained, “In July 2023, the headline inflation rate rose to 24.08% compared to June’s 22.79%. This indicates a 1.29% point increase from the previous month.”
On a year-on-year basis, the headline inflation rate was 4.44% points higher than July 2022’s rate of 19.64%. This reflects a notable escalation in the year-on-year headline inflation rate for July 2023 when compared to the same month in the previous year, July 2022.
This increase in inflation poses challenges to the country’s economy and calls for continued monitoring and potential measures to mitigate its impact.