- The rate at which the prices of goods and services are increasing has reached a new high
- The latest data from the National Bureau of Statistics shows inflation figures are now at a 16-year-high in July
- While most Nigerians are feeling the pinch, inflation is worst in Akwa Ibom, Ebonyi states
Nigeria’s inflation rate in the month of July 2022 rose to its highest level in 17 years of 19.64%.
The National Bureau of Statistics revealed this in its latest Consumer Price Index (CPI) report for the month of July 2022, released on Monday.
The last time Nigeria’s inflation was above 19.64% was in September 2005, when it rose to 24.32%.
What is Inflation
According to IMF, Inflation is the rate of increase in prices over a given period of time.
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Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.
What is NBS inflation figure for July saying
The breakdown from the report shows that the urban inflation rate rose by 2.08% to 20.09% in July 2022 from 18.01% recorded in July 2021, while the rural inflation rate hit 19.22% from 16.75% recorded in the corresponding period of 2021.
Food inflation which is the closest watched indicator to determine citizens' standard of living, according to NBS, rose to its highest level in 14 months, to stand at 22.02% in July 2022.
This represents a 1.42%-point increase compared to 20.6% recorded in the previous month.
On a month-on-month basis, the food inflation rate in July stood at 2.04%, which is 0.01% lower than 2.05% recorded in the previous month.
NBS also noted that the rise in food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.
States with the highest inflation rate
- Akwa Ibom - 22.88%
- Ebonyi - 22.51%
- Kogi - 22.08%
- Bayelsa- 21.60%
- Ondo - 21.37%
States with the highest food inflation rate
- Abia- 29.28%
- Akwa Ibom- 27.22%
- Kogi -26.08%
- Ekiti -25.11%
Mr Macaroni laments hard life in Nigeria
Legit.ng previously reported that the not-so-friendly economy got to Nigerian celebrities voicing how they feel.
Popular comedian Mr Macaroni, who seemed to be getting loads of people asking him for giveaways, voiced out about the calls.
The funnyman declared that anyone who asked him to do a giveaway during this period might be after his life. Nigerians reacted differently to his post.