Business
Nigeria’s Inflation Rate Hits 12.82% In July
The consumer price index, (CPI) which measures inflation increased by 12.82% (year-on-year) in july 2020. This 0.26% higher than the rate of 12.56% recorded in june 2020.
July 2020 CPI/Inflation report published @ https://t.co/WrjMVTzaPm
MONTH ON MONTH:
Headline Inflation at 1.25% in July 2020 from 1.21% in June 2020. Food inflation at 1.52% in July 2020 from 1.48% in June 2019. Core Inflation at 0.75% in July 2020 from 0.88% in June 2020 pic.twitter.com/orwKQMjHKU— Dr Yemi Kale (@sgyemikale) August 17, 2020
According to the National Bureau of Statistics (NBS) via its official twitter handle, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in june 2020 (1.21 percent).
According to the report, the percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 12.28 percent, representing a 0.11 percent point increase from 11.99 percent recorded in May 2020.
The latest report explicitly means that the purchasing power of Nigeria on product keeps reducing and their capability to get the same quantity of goods keeps reducing.
However, it will be great to note that Inflation in Nigeria has been on the rise since August 2019 when the country shut its land borders with its neighbours to curb smuggling. It later became worse with the effect of the novel coronavirus on the global economy.
Here is the full CPI Report for the month of July 2020
