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Nigeria’s Inflation Rate Surges To 19.64 Per Cent, Highest in 17 Years

On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%)

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Hamzat Ibrahim Abaga
Hamzat Ibrahim Abaga
Hamzat Ibrahim Abaga is a graduate of Mass Communication and aspiring investigative journalist.

AFRICA. Nigeria: The National Bureau of Statistics (NBS) citing Consumer Price Index (CPI) has disclosed that Nigeria’s inflation rate hit 19.64 per cent in July this year rising above 18.60 per cent in the previous months.

The highest rise since September 2005. The statement also added that the figure is 2.27 per cent above the 17.38 recorded in 2021. 

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According to the report, the surge was in all classifications of individual consumption according to riding to the purpose (COICOP) is the sector that gives birth to the Headline index. 

“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 %). 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 report reads

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Food Inflation Hits 22 Per Cent

It is also contained in the report that food inflation has risen to 22.02 per cent in July, an up sore compared to 20.60 per cent in the preceding months. 

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The rise in food which the report attributed to the constant rise in the cost of cereals, bread, potatoes, yam, meat, fish, oil, and other food products. 

“On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%). This decline is attributed to a reduction in the prices of some food items like tubers, maize, garlic, and vegetables.” the report said.

A State-By-State Analysis Of the Inflation

The report stated that in the price movements, Kogi, Akwa Ibom, and Ebonyi states are the most surge states in terms of prices. 

While Jigawa, Kano, and Borno State got the lowest increase in inflation. 

“In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation. 

However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation,” the report reads. 

More Nigerians Are Likely To Go into Poverty As Inflation Continues To Rise

The Russia-Ukraine faceoff has continued to ruin the global economy, which has in turn affected food and energy prices.  

People who will be more affected are those families in low-income countries who relied 42 per cent of their household earnings on food, and other essential items said the United Nations Development Programme (UNDP).

In Nigeria, the World Bank estimated that inflation would likely push an additional one million into poverty by the end of 2022.

Also Read: London Museum To Return Nigeria’s Stolen Artifacts

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