NigeriaJust In: Inflation Rises To 19.64% In July

Just In: Inflation Rises To 19.64% In July

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Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64%. This compares to 18.6% recorded in the previous month of June 2022.

Just In: Inflation Rises To 19.64% In July
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The latest inflation data is according to the recently released Consumer Price Index (CPI) report for the month of July 2022, by the National Bureau of Statistics (NBS).

According to Nairametrics report, food inflation accelerated to 22.02% from 20.6% recorded in June 2022. According to the NBS, the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

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In the same vein, the core inflation, which excludes the prices of volatile agricultural produce increased to 16.26% in the month of July 2022, from 15.75% recorded in the previous month.

The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.

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