Nigeria has witnessed a significant surge in headline inflation, reaching 24.08 percent in July 2023, as reported by the National Bureau of Statistics (NBS).
This surge represents the highest increase observed in the year and over a period of time.
In the preceding month of June, inflation had been recorded at 22.79 percent, indicating a substantial rise of 1.29 percentage points.
The NBS stated, “In July 2023, the headline inflation rate surged to 24.08 percent compared to the June 2023 headline inflation rate of 22.79 percent.
“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.
“On a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent. This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).”