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Nigeria Records Highest Inflation In 27 Months

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Nigeria’s inflation rate rose further to 12.82 per cent in July, the highest in 27 months.

According to the latest consumer price index (CPI) data released by the National Bureau of Statistics (NBS) on Monday, July inflation rate rose by 0.26 per cent higher than the rate recorded in June (12.56) percent.

In the new report, the composite food index rose by 15.48 per cent in July compared to 15.18 per cent in June 2020.

“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,” the report said.

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Indicating the impact of food prices, core inflation, which excludes the prices of volatile agricultural produce, stood at 10.10 per cent in July 2020, down by 0.03 percent when compared with 10.13 percent recorded in June 2020.

“The highest increases were recorded in prices of Medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts,” the report stated.

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