Nigeria’s inflation rate rose year-on-year (YoY) by 0.26 percentage point to 12.82 percent in July this year from 12.56 percent in June. This represents the eleventh consecutive monthly rise in inflation rate since October 2019. Similarly, food inflation rose by 0.3 percentage point to 15.48 percent in July from 15.18 the previous month.
The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) Report for July 2020. The report stated: “Increases were recorded in all Classification of Individual Consumption by Purpose, COICOP divisions that yielded the Headline index.
“On month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent. “The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020. “The urban inflation rate increased by 13.40 percent (YoY) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020. “On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.
On food index, the bureau said, “The composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020. “The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63 percent, 0.17 percent points from the average annual rate of change recorded in June 2020 (14.46) percent. “This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and others, tubers, meat, fruits, oils and fats, and fish.”