Nigeria’s headline inflation jumped to 24.08 percent in July 2023, the National Bureau of Statistics has revealed.
This is the highest recorded leap in 2023 and a while.
In June, inflation was recorded at 22.79 percent but has now jumped by 1.29 percentage points.
The NBS said, “In July 2023, the headline inflation rate rose to 24.08 percent relative to June 2023 headline inflation rate which was 22.79 percent.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 percent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44 percent points higher compared to the rate recorded in July 2022, which was 19.64 percent. This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”