ECONOMY: Nigerians are bracing for more difficulties ahead, as the country’s Consumer Price Index (CPI), which gauges how much prices have changed for goods and services, has increased from the previous month’s 18.60% to 19.64% in July 2022.
According to the (CPI) report for July 2022, which the National Bureau of Statistics (NBS) released on Monday, this represents an increase of 1.82% month over month.
Notable Quotes
The National Bureau of Statistics said:
“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %)”
NBS added:
“The percentage change in the average CPI for the twelve months 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 country’s urban inflation jumped by 2.08% to 20.09% in July 2022 from 18.01% in July 2021, according to the NBS report.
On the other hand, the rate of inflation in rural areas increased to 19.22% from 16.75% during the same time in 2021.
According to the agency’s most recent report:
“On a month-over-month basis, the food inflation rate in July was 2.04%, which was a 0.01% negligible reduction from the rate reported in June 2022 (2.05%).”
The agency noted:
“This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables. “The average annual rate of food inflation for the twelve months ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%).”
