Breaking: Nigeria’s inflation accelerates to 24.08%, the highest in a decade

The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released for July 2023, on Tuesday, disclosed that inflation rate shot up from 22.79 percent in the previous months to 24.08 percent in July 2023.

Persecondnews reports that Africa, the biggest economy’s annual inflation rate rose for the seventh consecutive month since the year began with latest figure showing an increase of 1.29 points when compared to June headline inflation rate.

“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.

“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 points when compared to June 2023 headline inflation rate.

” 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.” NBS said.