Nigeria’s inflation rate rise 12.82% in July vs 12.56% in June
Nigeria’s consumer price index (CPI) which measures inflation rose 12.82 percent year-on-year in July 2020, compared with 12.56 percent in the previous month,.
According to the latest data from the National Bureau of Statistics (NBS), the increased represent 0.26 percent points higher than the rate recorded in June 2020.
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, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020,” the NBS report shown.
The report showed that composite food index rose by 15.48 percent in July compared to 15.18 percent in June while average annual rate of change of the Food sub-index for the twelve-month period ending July stood 14.63 percent, 0.17 percent points from the 14.46 percent posted in June.
“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Fruits, Oils and fats, and Fish.”