The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 19.64 percent in July 2022, up from 18.60 percent in the previous month.
The development indicates a 1.82% month-on-month increase — and the highest ever inflation rate recorded since September 2005
The National Bureau of Statistics (NBS) said this on Monday in its consumer price index (CPI) report for July 2022.
Nigeria’s Inflation Rate Hits 19.64% — Highest Since 2005
On a month-on-month basis, NBS said the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).
“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the report reads.