According to a report by Nigeria’s Statistics Office, in July 2022, on a year–on-year basis, the headline inflation rate stood at 19.64%.
This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year – July 2021.
In the month of July 2022 the general price level was 2.26% higher than in July 2021.
On a month-on-month basis, the headline inflation rate in July 2022 increased by 1.817%, which was 0.001% higher than the increase recorded in June 2022 (1.816 %).
Looking at the inflation data above, we can see that the latest figure is the highest in the last 12 months.
A look at the longer timeframe reveals that this is the highest inflation rate in 17 years. The last time Nigeria’s inflation was above 19.64% was in September 2005 when it rose to 24.32%.
On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021. The rural inflation rate in July 2022 was 19.22% on a year-on-year basis, this was 2.47% higher compared to the 16.75% recorded in July 2021.
The food inflation rate in July 2022 was 22.02 % on a year-on-year basis; which was 0.99% higher compared to the rate recorded in July 2021 (21.03%). This rise in food inflation was caused by increases in prices of bread and cereals, food products such as potatoes, yam and other tubers, meat, fish, 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.
The highest increases were recorded in:
- Prices of gas, liquid fuel and solid fuel
- Passenger transport by road
- Passenger transport by air
- Garments
- Cleaning
- Repair and hire of clothing
