Inflation rate rises to 24.03%

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Abuja, Aug. 15, 2023 – Nigeria’s headline inflation rate has risen to 24.08 per cent in July 2023.

The Nigeria Bureau of Statistics (NBS) reported this on Tuesday in its Consumer Price Index (CPI) Report. 

The headline inflation rate was 22.79 per cent in June, 2023, an increase by of 1.29 percent.

The inflation rate has been increasing since the beginning of 2023 from 21.34 percent in December 2022.

The food Inflation rate also rose by 1.73 per cent to 26.98 percent in July 2023 from 25.25 percent in June 2023.

The CPI attributed the rise in the food index to increases in prices of oil and fat, bread and cereals, fish, potatoes, yam and other tubers, fruits, meat, vegetable, milk, cheese and eggs. (GBN)

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