Nigeria’s inflation skyrockets to 24.08% — NBS
By Stephen Ukandu, Umuahia
National Bureau of Statistics has revealed that Nigeria’s inflation has now jumped to all time high of 24.08 per cent.
The figure, according to NBA, was recorded in the month of July, 2023, and the highest so far in the recent times.
Ikengaonline had reported that in June, inflation rate hit 22.79 per cent.
Experts attributed the disturbing development to the free fall of the Naira
Statement from NBS read: “In July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.
“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).”
