The National Bureau of Statistics, NBS has released consumer price index indicating that Nigeria’s inflation rate rose further to 12.82 per cent in July.
According to the price index which is the highest in 27 months, the inflation rate in July rose by 0.26 per cent higher than the 12.56 per cent rate recorded in June.
It was gathered that last year’s border closure and the coronavirus outbreak contributed to the rise in the inflation rate and it has continued to rise for months.
Given the high price of foods like rice, frozen foods, vegetable oil, processed foods remain high, in the new report, the composite food index rose by 15.48 per cent in July compared to 15.18 per cent in June 2020.
Nigeria’s Inflation Rate
The NBS report shows that the highest increases were recorded in prices of Medical services, passenger transport by air and pharmaceutical products, hospital services.
Others are passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts.