Nigeria’s Inflation Jumps 17-Year High to 19.64%

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By Adedapo Adesanya

Nigeria’s inflation hit a near 17-year high in July as the prices of food and services increased in the month by 19.64 per cent on a year-on-year basis, according to the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) Report.

It was noted in the CPI Report for July 2022 released on Monday that at 19.64 per cent, this was 2.27 percentage points higher than the rate recorded in July 2021, which was 17.38 per cent, making it the highest surge for goods and services since September 2005.

This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021). This means that in the month of July 2022 the general price level was 2.26 per cent higher than in July 2021.

On a month-on-month basis, Nigeria, which is Africa’s largest economy, saw a headline inflation rate of 1.817 per cent, which was 0.001 per cent higher than the rate recorded in June 2022 1.816 per cent.

The percentage change in the average CPI for the 12 months period ending July 2022 over the average of the CPI for the previous 12 months period was 16.75 per cent, showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.

It was also disclosed that Nigeria’s food inflation rate in July 2022 was 22.02 per cent on a year-on-year basis; which was 0.99 per cent higher compared to the rate recorded in July 2021 (21.03 per cent).

This rise in food inflation was caused by increases in prices of bread and cereals, as well as other food products such as potatoes, yam and other tubers, meat, fish, oil, and fat.

On a month-on-month basis, the food inflation rate in July was 2.04 per cent, this was a 0.01 per cent decline compared to the rate recorded in June 2022 (2.05 per cent). This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables.

The average annual rate of food inflation for the 12-month period ending July 2022 over the previous 12-month average was 18.75 per cent, which was a 1.42 per cent point decline from the average annual rate of change recorded in July 2021 (20.16 per cent).

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 per cent, this was 2.08 per cent higher compared to 18.01 per cent recorded in July 2021.=

On a month-on-month basis, the urban inflation rate was 1.82 per cent in July 2022, this was a 0.0002 per cent decline compared to June 2022 (1.82 per cent).

The corresponding twelve-month average for the urban inflation rate was 17.29 per cent in July 2022. This was 0.40 per cent higher compared to 16.89 per cent reported in July 2021.

The rural inflation rate in July 2022 was 19.22 per cent on a year-on-year basis; this was 2.47 per cent higher compared to the 16.75 per cent recorded in July 2021.

On a month-on-month basis, the rural inflation rate in July 2022 was 1.811 per cent, up by 0.002 per cent compared to June 2022 (1.809 per cent). The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25 per cent. This was 0.52 per cent higher compared to 15.73 per cent recorded in July 2021.

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