The National Bureau of Statistics says Nigeria’s Inflation rate jumped from 22.79 percent to 24.08 percent in July 2023, surpassing analysts projections of a 23 per cent threshold for the review period.

NBS revealed this in its Consumer Price Index, CPI, report for July 2023 released today.

Wakadaily reports that as of June, the inflation rate in Africa’s largest economy increased from 22.41 per cent to 22.79%.

In a recent report, Nigeria’s headline inflation jumped to 24.08, inflation rate rose year-on-year (YoY) by 1.29 percent.

“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.

“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).”