Nigeria’s Inflation Rate for July Hits 12.82%, says NBS

Nigeria’s Inflation Rate for July Hits 12.82%, says NBS

Nigeria’s inflation rate has increased significantly from 12.56% in June to 12.82% in July, the National Bureau of Statistic has revealed.

NBS data shows that 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 Increases were recorded in all COICOP divisions that yielded the Headline index.

On month-on-month basis, the headline index increased by 1.25 percent in July 2020.

This is 0.04 percent rate 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.

The change representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.

Read Also: Headline inflation tapers to 11.02%, lowest in 43-month

The urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.

On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020.

This is higher than 12.50 percent reported in June 2020, while the corresponding

rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020

Nigeria’s Inflation Rate for July Hits 12.82%, says NBS