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Nigeria’s Inflation Rate Hits 19.64% — Highest Since 2005

The consumer price index (CPI), which measures the rate of change in goods and services prices, increased to 19.64 percent in July 2022, up from 18.60 percent the previous month.

The increase is 1.82% month on month, and it is the highest inflation rate recorded since September 2005.

This was announced by the National Bureau of Statistics (NBS) on Monday in its consumer price index (CPI) report for July 2022.

NBS reported that the headline inflation rate in July 2022 was 1.817%, which was 0.001% higher than the rate in June 2022 (1.816%).

“The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the report reads.