Just In: Nigeria’s inflation rate hits 19.64% — highest since 2005

Written by on August 15, 2022

Nigeria’s annual inflation quickened to 19.64% in July, rising for a sixth straight month on the back of price increases for both food and non-food items.

Inflation, which has been in double digits in Africa’s biggest economy since 2016, was at 18.60% year on year in June.

The National Bureau of Statistics (NBS) said this on Monday in its consumer price index (CPI) report for July 2022.

On a month-on-month basis, NBS said the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the report reads.

Nigeria’s currency has been weakening on the parallel market since July 2021 due to a scarcity of foreign currency, contributing to rising inflation as the country imports many key goods and services.

Policymakers have said persistent inflationary pressures are structural and largely related to imports.

(THE CABLE)


Reader's opinions

Leave a Reply

Your email address will not be published. Required fields are marked *



Broadstreet

Current track

Title

Artist

Background