Nigeria Records Highest Inflation Rate In 27 Months
By Emmanuel Awosika
Nigeria’s inflation rate, a reflection of the Customer Price Index, hit 12.82 percent in July 2020, the highest recorded in the last 27 months.
The National Bureau of Statistics in its July Consumer Price Index and inflation report said this represents a 0.26 growth in inflation for the country. In June 2020, the inflation rate stood at 12.56 percent.
Inflation in Nigeria has been on an upward growth since the start of the year. From a percentage rate of 12.3 in January, the country’s inflation grew to 12.56 in June; and it shows no signs of slowing down.
In its report, the NBS said July saw increases in all Classification of Individual Consumption categories that informed the headline index.
Accordingly, the headline index rose by 1.25 percent in July, an 0.04 increase on the rate recorded in June 2020 of 1.21 percent.
The bureau said the 12-month year-on-year average percentage change for the urban index grew to 12.66 percent in July 2020.
It said this was a increase of 0.16 percent on the 12.50 rate recorded in June 2020. The corresponding rural inflation rate rose from 11.36 percent in June 2020 to 11.49 percent in July 2020.
The CPI report indicated a 13.40 percent year-on-year increase in the urban inflation rate in July 2020 from the 13.18 percent recorded in June 2020.
Meanwhile, the rural inflation rate grew to 12.28 percent in July 2020 from the 11.99 percent of June 2020.
