The National Bureau of Statistics, on Monday, said that the Nigeria’s inflation rate rose to 12.82 per cent, year-on-year, in July 2020.
According to the NBS, the 12.82 per cent inflation rate recorded in July increased from 12.56 per cent in June.
The last time Nigeria’s inflation was as high as this was in March 2018, when the country recorded inflation rate of 13.34 per cent.
On a month-on-month basis, the headline index increased by 1.25 per cent in July 2020.
This is 0.04 percentage points higher than the 1.21 per cent recorded in June.
NBS said the urban inflation rate increased by 13.40 per cent, year-on-year, in July 2020, from the 13.18 per cent recorded in June 2020, while the rural inflation rate increased by 12.28 per cent from 11.99 per cent.
On a month-on-month basis, the urban index rose by 1.27 per cent in July, up by 0.04 per cent, from the 1.23 per cent recorded in June, while the rural index also rose by 1.23 per cent in July, up by 0.04 from the rate recorded in June.
The report stated that the composite food index rose by 15.48 per cent in July against 15.18 per cent in June.
The bureau said the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fruits, meat, fish, oils and fats.
