Breaking: Inflation Rises to 24.08%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities rose to 24.08 per cent in July compared to 22.79 per cent in June,  the National Bureau of Statistics (NBS) said Tuesday.

The NBS blamed the 1.29 per cent rise in headline inflation on increases in the prices of food and commodities. 

Food inflation rose 26.98 per cent,  year-on-year,  basis, higher by 4.97 per cent compared with 22.02 per cent recorded in July 2022.

Specifically, the rise in the food index on a year on year basis,  was attributed to increases in prices of oil and fat, bread and cereals, gish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese, and eggs.

On the other hand,  all items less farm produces and energy or core inflation, which excludes the prices of volatile agricultural produces and energy also increased to 20.47 per cent year on year in July,  representing a 4.41 percentage rise compared to 16.06 per cent in July 2022.

The rise in the core index was caused by highest in­creases in prices of passenger transport by air, passenger transport by road, vehicle spare parts, medical services, maintenance, and repair of personal transport equipment among others.

Details later…