BY NKECHI NAECHE-ESEZOBOR-Nigeria’s inflation rate rose to 12.82% (year-on-year) in July, as against 12.56% recorded in June 2020.
The National Bureau of Statistics report shows that July Consumer Price Index rose by about 0.26 percent points higher than the 12.56 per cent recorded in June, indicating the highest rate since March 2018.
The report also shows that Nigeria’s inflation has consistently increased for 11-months, rising from 11.02% in August 2019 to 12.82% in July 2020.
On a month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.
The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.
The report added that the urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.
