Nigeria’s rate of inflation, which is measured by the country’s Consumer Price Index, rose to 12.82 per cent in the month of July 2020, the highest ever recorded for the past 27 months.
According to the National Bureau of Statistics in its July 2020 CPI and Inflation report released on Monday, the latest increase represents 0.26 per cent points higher than the rate recorded in June 2020, which was 12.56 per cent.
Nigeria’s inflation rate has been on the increase since the beginning of this year. Findings showed that in January, February, March, April, May, and June, the rates in percentages were 12.13, 12.20, 12.26, 12.34, 12.40 and 12.56 respectively.
In its latest report, the bureau stated that in July, increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.
It noted that on a month-on-month basis, the headline index increased by 1.25 per cent in July 2020, adding that this was 0.04 per cent rate higher than the rate recorded in June 2020 of 1.21 per cent.
“The corresponding 12-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020,” the bureau stated.