In July 2023, inflation in Nigeria rose to 24.08%, marking a 129 basis-point growth compared to the 22.79% reported in the preceding month, according to the recently published July 2023 Consumer Price Index (CPI) report provided by the National Bureau of Statistics (NBS).
This marks the sixth consecutive rise in the main index for the year.
The big increase occurred because Nigeria stopped giving discounts on petrol and changed the official exchange rate. In July, prices went up by 2.89% compared to June’s 2.13%.
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When looking at why prices went up over the whole year, food and drinks (12.47%) made the biggest difference, followed by housing and utilities (4.03%), and clothes and shoes (1.84%).
In July 2023, food prices went up sharply to 26.98%, marking a 1.73% point increase from the previous month’s 25.25% and a 4.97% point rise from the same time in 2022.
In terms of monthly change, food prices rose by 3.45% in July 2023, which was 1.06% higher than June 2023’s rate of 2.4%.
The average yearly food price increase for the twelve months leading to July 2023 was 24.46%, showing a significant rise of 5.71% points from the average annual change seen in July 2022 (18.75%).
The yearly increase in food prices was driven by higher costs for oil, fat, bread, cereals, fish, potatoes, yams, fruits, meat, vegetables, milk, cheese, and eggs.
In July 2023, the core inflation rate increased to 2.11% from June’s 1.77%, marking a rise of 0.34%.
The average annual inflation rate for the twelve months leading to July 2023 was 18.84%, a significant increase of 4.31% points from July 2022’s 14.53%.
The largest price increases were seen in air travel, road transport, vehicle parts, medical services, and personal vehicle maintenance and repair.
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