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.

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).

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“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…