BREAKING: Nigeria Records Highest Inflation Rate Of 12.82% In 29 Months – NBS

The National Bureau of Statistics on Monday released the Consumer Price Index, which measures inflation with the index rising to 12.82 percent year-on-year in July 2020.

The 12.82 per cent inflation rate is about 0.26 percent points higher than the 12.56 per cent recorded in June this year.

This is the highest inflation rate Nigeria will be recording in the last 29 months.

The last time Nigeria’s inflation was as high as this was in March 2018 when the country’s CPI was put at 13.34 per cent.

On a month-on-month basis, the Headline index increased by 1.25 per cent in July 2020.

This is 0.04 percentage points higher than the 1.21 per cent recorded in June 2020.

The NBS said the urban inflation rate increased by 13.40 per cent year-on-year in July 2020 from 13.18 per cent recorded in June 2020, while the rural inflation rate increased by 12.28 per cent in July 2020 from 11.99 percent in June 2020.

On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04
from the rate recorded in June 2020.

The report stated that the composite food index rose by 15.48 per cent in July 2020 compared to 15.18 per cent in June 2020.

This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, and fish.

On month-on-month basis, the food sub-index increased by 1.52 per cent in July 2020, up by 0.04 percent points from 1.48 per cent recorded in June 2020.