The National Bureau of Statistics on Tuesday announced that inflation rose from 22.79% in June 2023 to 24.08% in July 2023.
According to The PUNCH , this was contained in its report titled: “CPI and inflation report July 2023.”
The NBS said: ” In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%.”
According to the report, looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate.
It added on a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%.
NBS noted 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).
