JUST IN: Nigeria’s inflation rate rises to 19.6%

Nigeria’s inflation rate rose to 19.64 per cent in July, the National Bureau of Statistics (NBS) said on Monday.

The Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, surged from 18.60 per cent in the previous month.

It is the highest since September 2005.

The NBS said that on a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 per cent, which was 0.001 per cent higher than the rate recorded in June 2022 (1.816 per cent).

ALSO READ: UPDATED: Nigeria’s Inflation hits five-year high on surging food prices

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the report said.

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