Nigeria’s inflation rate reached a 17-year high of 19.64% in the month of July 2022. This contrasts with the 18.6% observed in June 2022, the preceding month.
The National Bureau of Statistics’s recently issued Consumer Price Index (CPI) report for the month of July 2022 has the most recent information on inflation (NBS).
Inflation in Nigeria last exceeded 19.64% in September 2005, when it reached 24.32%. This is supported by Nairalytics, a website that disseminates historical macroeconomic data for Nigeria. Notably, increases in the food and core index were responsible for the increase in the inflation rate.
From a reading of 20.6% in June 2022, food inflation increased to 22.02%. The NBS claims that rises in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as meat, fish, oil, and fat, are to blame for the rise in food inflation.
In a similar line, core inflation—which does not include the costs of erratic agricultural products—rose to 16.26% in July 2022 from 15.75% the previous month.
