Nigeria's inflation rate hits to 12.82% in July-NBS

For the eleventh consecutive time, Nigeria’s inflation has been on the rise and now at 12.82 per cent, the National Bureau of Statistics (NBS) has said.

The consumer price index, which measures the rate of increase in the price of goods and services are said to have dragged the rate to 12.82 per cent in July.

This is according to the inflation report released by the National Bureau of Statistics (NBS) in Abuja.

This represents an upward trend in inflation from August 2019 when it stood at 11.02 per cent.

“The consumer price index (CPI), which measures inflation increased by 12.82 per cent (year-on-year) in July 2020. This is 0.26 per cent points higher than the rate recorded in June 2020 (12.56) per cent,” the report read.

“The composite food index rose by 15.48 per cent in July 2020 compared to 15.18 per cent in June 2020.”

According to the NBS, the 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.

Core inflation, which excludes the price of volatile agricultural produce, stood at 10.10 per cent; down 0.03 percentage points from the 10.13 per cent recorded in June 2020.

The highest increases in the core inflation index were recorded in prices of medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts

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 per cent in June 2020.

On a month-on-month basis, Adamawa was the only state in the country that recorded a general decrease in the price of food items while food inflation was highest in Zamfara (3.40%), Kogi (3.32) and Yobe (3.00%) and lowest in Niger and Ogun (0.44%), Lagos (0.41%).