Inflation rate in Nigeria hits 24.08 percent in July 2023

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Inflation rate in Nigeria as at July 2023 was placed at 24.08 percent, data published by the Central Bank of Nigeria has shown.

According to the data published on the Apex bank’s website, the highest inflation was recorded in food with 26.98 percent.

Prices of Food items, including transport have increased in recent months especially in the face of fuel Subsidy removal which has made cost of transportation of goods, services and people double in recent months.

Petrol now sells for around 600 to 620 Naira in the country, which is more than double the price before the removal of subsidy payment in May.

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Table: CBN


Month May June July
All Items (Year on Change) 22.41 22.79 24.08
All Items (12 Months Avg. Change) 21.20 21.54 21.92
Food (Year on Change)/1 24.82 25.25 26.98
Food (12 Months Avg. Change)/1 23.65 24.03 24.46
All Items Less Farm Produce (Year on Change)/2 20.06 20.27 20.80
All Items Less Farm Produce (12 Months Avg. Change)/2 18.33 18.71 19.08
All Items Less Farm Produce and Energy (Year on Change)/3 19.83 20.06 20.47
All Items Less Farm Produce and Energy (12 Months Avg. Change)/3 18.11 18.47 18.84
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