The headline inflation rate for July 2023 increased to 24.08% from 22.79% recorded in June 2023 representing an increase of 1.29% points from the June 2023 headline inflation.
The latest data from the National Bureau of Statistics shows that on a year-on-year basis, the headline inflation rate was 4.44 percentage points higher compared to the rate recorded in July 2022, which was 19.64%.
The data also shows that the increase in the headline index for July 2023 was attributed to an increase in contributions of some items in the basket of goods and services at the divisional level witnessed in food and non-alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, transport, furnishings and household equipment and maintenance, education and health.
The food component sub-index for July 2023 increased by 26.98% on a year-on-year basis; 4.97% points higher relative to the rate recorded in June 2022 (22.02%).
The rise in food index on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.
The all-item index for July 2023, on a year-on-year basis, was highest in Kogi, Lagos, and Ondo; while the states with the slowest rise in headline inflation on a year-on-year basis were Borno, Jigawa and Sokoto (20.92%).
