The National Bureau of Statistics (NBS) in its July 2020 CPI and Inflation report has today released the latest increase represents 0.26 per cent points higher than the rate recorded in June 2020, which was 12.56 per cent.

Note that Nigeria’s inflation rate has been on the increase since the beginning of this year and the rate which is measured by the country’s Consumer Price Index, rose to 12.82 per cent in the month of July 2020, the highest ever recorded for the past 27 months.

From findings, in January, February, March, April, May, and June, the rates in percentages were 12.13, 12.20, 12.26, 12.34, 12.40 and 12.56 respectively.

However in its latest report, the bureau said that in July, increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index noting that on a month-on-month basis, the headline index increased by 1.25 per cent in July 2020, and that this was 0.04 per cent rate higher than the rate recorded in June 2020 of 1.21 per cent. The bureau said:

“The corresponding 12-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020.”

The bureau explained that this was higher than 12.50 per cent reported in June 2020, while the corresponding rural inflation rate in July 2020 was 11.49 per cent compared to 11.36 per cent recorded in June 2020.

Pertaining to the urban inflation rate, the CPI report stated that it increased by 13.40 per cent year-on-year in July 2020 which was from 13.18 per cent recorded in June 2020, while the rural inflation rate increased by 12.28 per cent in July 2020 from 11.99 per cent in June 2020.

Furthermore, the bureau has stated that on a month-on-month basis, the urban index rose by 1.27 per cent in July 2020, up by 0.04 from the 1.23 per cent recorded in June 2020:

“The rural index also rose by 1.23 per cent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) per cent.”

“On month-on-month basis, the headline index increased by 1.25 per cent in July 2020. This is 0.04 per cent rate higher than the rate recorded in June 2020 (1.21) per cent.”