Nigeria’s inflation rate jumps by 12.82 percent in July, says NBS

Nigeria's inflation rate has risen by 12.82 percent (year-on-year) in July, compared to 12.56 percent recorded in June 2020. This is the highest rate recorded in 27 months since March 2018 when headline inflation was 13.34 percent, according to the Consumer Price Index (CPI) report released on Monday by the National Bureau of Statistics (NBS).

The report published on the website of NBS also shows that Nigeria's inflation has consistently increased for 11-months, rising from 11.02 percent in August 2019 to 12.82 percent in July 2020.

According to the report, the composite food index rose to 15.48 percent compared to 15.18 percent recorded in June 2020. Meanwhile, Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.1 percent in July 2020 compared to 10.13 percent recorded in June 2020.

July 2020 CPI/Inflation report published @ https://t.co/WrjMVTzaPmYEAR on YEAR: Headline Inflation at 12.82% in July 2020 from 12.56% in June 2020. Food inflation at 15.48% in July 2020 from 15.18% in June 2020. Core Inflation at 10.10% in July 2020 from 10.13% in June 2020 pic.twitter.com/RfTd2yh0p3

— Dr Yemi Kale (@sgyemikale) August 17, 2020

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

"On a month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent higher than the rate recorded in June 2020 (1.21) percent.

The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.

The composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.

This 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.

On a month-on-month basis, the food sub-index increased by 1.52 percent in July 2020, up by 0.04 percent points from 1.48 percent recorded in June 2020.

The average annual rate of change of the Food sub-index for the twelve-month period ending July 2020 over the previous twelve-month average was 14.63 percent, 0.17 percent points from the average annual rate of change recorded in June 2020 (14.46) percent, said the NBS reports.