The National Bureau of Statistics (NBS) disclosed that Nigeria’s inflation rate surged to 24.08% in July 2023, marking the seventh consecutive monthly rise this year, up from the 22.79% recorded in June. This spike was attributed to amplified contributions from specific items within the basket of goods and services.
The food component sub-index witnessed a notable 26.98% year-on-year growth, a substantial 4.97% points higher compared to June 2022 (22.02%). The report highlighted significant increases in various categories, including Food & Non-Alcoholic Beverages (12.47%), Housing, Water, Electricity, Gas & Other Fuel (4.03%), Clothing & Footwear (1.84%), Transport (1.57%), and more.
The surge in the food index was driven by escalated prices of commodities like Oil and fat, Bread and cereals, Fish, Potatoes, Yam and other tubers, Fruits, Meat, Vegetable, Milk, Cheese, and Eggs. Moreover, the month-on-month food inflation rate for July 2023 rose to 3.45%, a 1.06% point increase from June 2023 (2.40%). The ongoing inflation trend raises concerns about Nigeria’s economic stability and challenges ahead.”