By Elizabeth Adegbesan

The National Bureau of Statistics, NBS said the headline inflation rate rose year-on-year (YoY) by 1.29  percentage points to 24.08 percent in July, from 22.79 percent in June 2023,  surpassing analysts’ projections of a 23 percent threshold for the review period.

The bureau disclosed this in its Consumer Price Index, CPI, report for July 2023 released today.

The statistics office said the July 2023 inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.

The NBS said on a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent.

“This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022),” it said.

According to the report, the food inflation rate quickened to 26.98 per cent in July from 25.25 per cent in June.

Although the prices of food have been on the rise across Nigeria in recent years. But the situation deteriorated due to the impact of government policies such as the removal of subsidy on petrol, among others.