Nigeria’s inflation rate hits highest in 27 months

Nigeria’s inflation rate rose by 12.82% (year-on-year) in July, compared to 12.56% recorded in June 2020. This is the highest rate recorded in 27 months since March 2018 when headline inflation was 13.34%.

This information is according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).

The report also shows that Nigeria’s inflation has consistently increased for 11-months, rising from 11.02% in August 2019 to 12.82% in July 2020.

According to the report, the composite food index rose to 15.48% compared to 15.18% recorded in June 2020. Meanwhile, Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.1% in July 2020 compared to 10.13% recorded in June 2020.