By Emmanuel Nduka
Nigeria’s 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 latest development indicates a 1.82 percent month-on-month increase — and the highest ever inflation rate recorded since September 2005.
Revealing this on Monday in its CPI report for July 2022, the National Bureau of Statistics (NBS) said on a month-on-month basis, the headline inflation rate in July 2022 was 1.817 percent, which was 0.001 percent higher than the rate recorded in June 2022 (1.816 percent).
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 percent, showing a 0.46 percent increase compared to 16.30 percent recorded in July 2021,” the report reads.