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BREAKING: Nigeria’s inflation rate jumped to 12.82%, the highest in 27 months

The inflation rate in Nigeria went up 12.82 percent (year-on-year) in July, compared with 12.56 percent in June 2020. It is the highest rate reported since March 2018 when headline inflation was 13.34 percent in 27 months.

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

The study also shows that inflation in Nigeria has gradually risen for 11 months, from 11.02 percent in August 2019 to 12.82 percent in July 2020.

Food inflation

In July 2020, the composite food index rose 15.48 percent, compared with 15.18 percent in June 2020. It reflects an improvement of 0.34 percent relative to the figures for June. Food sub-index also rises month-on-monthly.

The rise in the food index was attributed to higher prices for bread and cereals, potatoes, yam, and other tubers, meat, vegetables, oils and fats, and fish.

Core Inflation 

Core inflation, which excludes the prices of volatile agricultural products, stood at 10.10 percent in July 2020, down 0.03 percent compared to 10.13 percent reported in June 2020.

The highest increases were recorded in medical services prices, air passenger transportation, pharmaceutical products, hospital services, road passenger transportation, personal transportation equipment maintenance and repair, paramedic services, and vehicle spare parts.

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