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NBS’ July Report: Food Inflation in Nigeria hits 22.02%

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Latest inflation report published by the National Bureau of Statistics (NBS) has shown that food inflation in Nigeria hit 22.02 percent in July, an upward trend from 20.60 per cent in June.

Similarly, the consumer price index also surged to 19.64 percent, up from 18.60 percent in June.

The NBS in its consumer price index (CPI) report for July 2022 released on Monday, which measures the rate of change in prices of goods and services, showed that the figure was about 2.27 percent points higher than the rate (17.38 percent) recorded in July 2021.

According to the report, “On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, 0.001% higher than the rate recorded in June 2022 (1.816 %).

“The percentage change in the average CPI for the twelve month-period which ended July 2022 over the average of the CPI for the previous twelve month-period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021.”

Furthermore, speaking on food inflation, the report indicated the development was caused by increases in prices of bread, cereals, potatoes, yam and other tubers, food products, fish, meat, oil, and fat.

“On a month-on-month basis, the food inflation rate in July was 2.04%, a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%).

“This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables,” it further read.

Also, the report disclosed that Akwa Ibom, Ebonyi and Kogi States had the highest prices, while Jigawa, Kano and Borno States recorded the slowest rise in food inflation.

“In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation.

“However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja, the Federal Capital Territory (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation,” the report revealed.

 

Source: Agro Nigeria/ NBS

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