By Fatai Ahmed
Nigeria has posted the highest rise in inflation in 2023, with inflation rate skyrocketing to 24.08 per cent in July, according to the National Bureau of Statistics (NBS).
This is 1.29 per cent higher than the June inflation rate.
The NBS, in its report on Tuesday said in July 2023, the headline inflation rate rose to 24.08 per cent relative to June 2023 headline inflation rate which was 22.79 per cent.
According to the report, looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 per cent points when compared to June 2023 headline inflation rate.
NBS added that on a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022),” NBS stated.
