Connect with us

Hi, what are you looking for?

Data Analytics

JUST IN: Amid pains of subsidy removal, Nigeria’s inflation jumps to 24.08%

The National Bureau of Statistics (NBS) says the country’s inflation has moved to 24.08 per cent in July from 22.79 per cent in June.

Nigeria's inflation July 2023

The National Bureau of Statistics (NBS) says the country’s inflation has moved to 24.08 per cent in July from 22.79 per cent in June.

This is contained in the consumer price index (CPI) released on Tuesday by NBS.

The new inflation rate follows the impact of the removal of fuel subsidy and the devaluation of the country’s currency (Naira) by President Bola Ahmed and the Central Bank of Nigeria (CBN).

Advertisements

“In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%,” NBS stated. 

“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate. 

“On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%. 

“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).”

More details to follow…

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Follow Our Facebook Page

Nigerian VAT Report Q1 2025
Nigerian VAT Report Q1 2025

You May Also Like

Agriculture

Nyesom Wike, Minister of the Federal Capital Territory (FCT), has promised to allocate land for farming in satellite towns to combat food insecurity.

Technology

Google has announced $350,000 in cloud credits for 15 African AI startups solving local challenges. In a statement by the global tech company on...

Politics

The national working committee (NWC) of the Peoples Democratic Party (PDP) has reinstated Samuel Anyanwu as the national secretary of the party.

Governance

Vice Admiral Ibok-Ete Ibas (Rtd), Rivers State's sole administrator, has appeared before the Senate ad-hoc Committee on oversight of emergency governance in the State.

Law

A Federal Capital Territory (FCT) high court has rejected the application of the federal government to Natasha Akpoti-Uduaghan, senator representing Kogi Central.

Finance

Zach Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), has directed tax offices across the country to operate on weekends in June.