• Sunday, June 23, 2024
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BREAKING: Nigeria’s inflation rate accelerates to 12.82% in July, highest in 27 months

Why Africa must prioritise economic growth over tackling inflation -IMF

Nigeria’s Consumer Prices Index (CPI), commonly known as inflation, accelerated by 12.82 percent in July 2020, marking the 11th-consecutive uptrend since September 2019 and the highest in 27 months, a BusinessDay analysis shows.

Data from the July 2020 inflation report by the National Bureau of Statistics (NBS) released Monday afternoon showed that inflation rose month-on-month by 12.82 percent, which was 1.25 percentage points higher than the 12.56 percent recorded in June 2020.

Read also: Nigeria’s soaring fertiliser prices lead to second wave of food inflation

Food inflation rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.

The 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.

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