Nigeria’s inflation rate has hit 17.1 per cent in the month of July, at a time when the country is hit by runaway exchange rates.
Figures released by the National Bureau of Statistics on Wednesday showed that the Consumer Price Index increased to 17.1 per cent in July from 16.5 per cent in June.
The CPI, which measures inflation, was 0.6 per cent points higher from the points recorded in June.
According to the report, increases were recorded in all “COICOP divisions”, which contributed to the Headline index reflecting higher prices across the economy.
NBS report says, “The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; Health, Transport, and Recreation and Culture divisions.
“The onset of the harvest season is yet to have a significant impact on food prices.
“It is yet to have a significant impact as the Food Sub-index increased by 15.8 per cent (year-on-year) in July, 0.5 per cent points lower from rates recorded in June.
“Prices however increased at a slower pace across a few groups within the Food sub-index namely Milk, Cheese and Eggs; Oils and Fats; and Fruits.”
The report added that imported foods as reflected by the Imported Food Sub-index increased by 0.4 per cent points from June to 20.5 per cent in July.
It stated that Energy and energy related prices continued to be the largest increases reflected in the Core sub-index.
It said: “In July, the Core sub-index increased by 16.9 per cent during the month, up by 0.7 per cent points from rates recorded in June (16.2 per cent).
“During the month, the highest increases were seen in the Electricity, Liquid Fuel (kerosene), Solid Fuels, and “Fuels and Lubricants for Personal Transport Equipment.
“Month-on-month, the Headline index increased albeit, at a slower pace for the second consecutive month in July.
“The index increased by 1.3 per cent in July, 0.4 per cent points from 1.7 per cent recorded in June.”
Inflation rose for the ninth consecutive month in July in Nigeria
