Nigeria’s inflation rate hit 24.08% in July 2023, this is according to data released by the National Bureau of Statistics. For the sixth time this year, inflation has risen, this time, reaching levels not seen since September 2005. The July figure is a 1.29% point increase from the 22.79% recorded in June 2023.
The headline inflation rate for July 2023 was 4.44% points higher than the rate in July 2022, which stood at 19.64%. According to the report, the greatest contributor to the inflation rate was food and non-alcoholic beverages, as food inflation reached a seven-year high. In July 2023, the food inflation rate reached 26.98%, marking a 4.97% point increase year-on-year from the 22.02% seen in July 2022. Over the twelve months leading up to July 2023, the average annual food inflation rate hit 24.46%. This marked a notable increase of 5.71% points from the average annual change rate recorded in July 2022, which was 18.75%.
In July 2023, the urban inflation rate stood at 25.83%, a significant increase of 5.74% points year-on-year from the 20.09% recorded in July 2022. While rural inflation rate reached 22.49%, a year-on-year increase of 3.26% from the 19.22% recorded in July 2022.
According to the report by the NBS, on a year-on-year basis, the inflation rate for all items was highest in Kogi (28.45%), Lagos (27.30%), and Ondo (26.83%), while Borno (20.71%), Jigawa (20.85%), and Sokoto (20.92%) recorded the slowest rise in headline inflation. On a state-by-state basis, Kogi (34.53%), Lagos (32.52%), and Bayelsa (31.31%) recorded the highest food inflation rates in July 2023. Meanwhile, Jigawa (20.90%), Sokoto (21.63%), and Kebbi (22.45%) recorded the slowest increases in food inflation during the month.
As inflation in Nigeria keeps rising, the Minister of Finance and the Coordinating Minister of the Economy face a significant challenge. Despite the Central Bank of Nigeria’s attempts with monetary policy, the inflation rate remains on the rise. Now, the focus shifts to the fiscal policy leaders to address this ongoing issue.
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