Business & Economy

Nigeria’s inflation rate rises to 12.82% in July, as food prices surge


Nigeria’s inflation rate rose further in July 2020 to 12.82% (year-on-year), which is 0.26% points higher than the rate recorded in June 2020 (12.56%).

This is according to the latest CPI report released by the National Bureau of Statistics.

On a month-on-month basis, the report has it that for Nigeria’s inflation rate, the headline index increased by 1.25 per cent in July 2020 and this is 0.04 per cent higher than the rate recorded in June 202 which was 1.21 per cent.

However, the percentage change in the average composite CPI for the twelve months period which is ending July 2020 over the average of the CPI of the previous twelve months period was 12.05 per cent, representing a 0.15 per cent point increase from 11.90 per cent recorded in June 2020.

The urban inflation rate increased by 13.140 per cent (year-on-year) in July 2020 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.

Uchechi Ojo
Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn
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