Nigeria’s inflation rate, which measures the change in prices of goods and services, rose to 24.08 percent in July 2023, according to the latest report by the National Bureau of Statistics (NBS). This is the highest level since September 2005, when the rate was 24.3 percent, TheCable Index analysis shows.
The inflation rate in July 2023 was 1.29 percent points higher than the previous month, and 4.44 percent points higher than the same month last year. This marks the seventh consecutive month of increase in the country’s inflation rate this year.
The NBS report, released on Tuesday, said the increase in the inflation rate was driven by higher prices of food, oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.
The food inflation rate in July 2023 was 26.98 percent on a year-on-year basis, up from 22.01 percent in July 2022. On a month-on-month basis, the food inflation rate was 3.45 percent, up from 2.40 percent in June 2023.
The NBS report also said the average annual inflation rate for the twelve-month period ending July 2023 was 21.92 percent, up from 16.75 percent in July 2022.
The rise in inflation has been attributed to various factors, such as the removal of fuel subsidy in May 2023, the depreciation of the naira against the dollar, the scarcity of foreign exchange, and the impact of the COVID-19 pandemic on the economy.
The Central Bank of Nigeria (CBN) has announced some measures to stabilise the naira and ease the foreign exchange pressure, such as increasing forex supply to banks and bureaux de change operators.
President Bola Tinubu is also considering a temporary subsidy on petrol to cushion the effect of high fuel prices on Nigerians.
The high inflation rate has eroded the purchasing power of Nigerians and increased the cost of living and transportation. Labour unions have threatened to go on strike if the petrol price is increased again.
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