Kogi, Lagos Record Highest Rate, As Inflation Soar To 24.08% In July

Inflation rate in Nigeria soared to 24.08 per cent in July, the National Bureau of Statistics (NBS) has revealed in its Consumer Price Index (CPI) report.

The NBS disclosed that inflation accelerated by 129 basis points from 22.79 per cent reported in June this year, as fuel subsidy removal and hike in foreign exchange rates impact prices of goods and services.

According to the CPI, Core inflation or “All items less farm produce,” which excludes the prices of volatile agricultural produce closed last month at 20.47 per cent, contrasting with 16.06 per cent posted the same month a year before.

Food inflation also moved upward from 25.25 per cent recorded in June to 26.98% in July 2023. It is also above the 22.02 per cent of July last year.

Meanwhile, Kogi, Lagos and Ondo recorded the highest all-items inflation rate on a year-on-year basis, while Borno, Jigawa and Sokoto recorded the slowest rise in headline inflation on a year-on-year basis.

As regards food inflation, Kogi State, Lagos and Bayelsa recorded the highest growth while Jigawa, Sokoto and Kebbi posted the slowest rise.