Nigeria’s inflation rate rose year-on-year (YoY) by 0.26% point to 12.82% in July this year from 12.56% in June. This represents the eleventh consecutive monthly rise in inflation rate since October 2019.
Similarly, food inflation rose by 0.3% point to 15.48% 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% in July 2020. This is 0.04% rate higher than the rate recorded in June 2020 (1.21%).
“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%, representing a 0.15% point increase from 11.90% recorded in June 2020.
“The urban inflation rate increased by 13.40% (YoY) in July 2020 from 13.18% recorded in June 2020, while the rural inflation rate increased by 12.28% in July 2020 from 11.99% in June 2020.
“On a month-on-month basis, the urban index rose by 1.27% in July 2020, up by 0.04 from 1.23% recorded in June 2020, while the rural index also rose by 1.23% in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19%).
“On a month-on-month basis, the urban index rose by 1.27% in July 2020, up by 0.04 from 1.23% recorded in June 2020, while the rural index also rose by 1.23% in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19%).”
On food index, the bureau said, “The composite food index rose by 15.48% in July 2020 compared to 15.18% 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%, 0.17% points from the average annual rate of change recorded in June 2020 (14.46%).
“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.”
Source: All Africa
