Nigeria’s annual inflation rises to highest level in 17 years

Map of Nigeria
FILE PHOTO –  Vendors sell fresh produce on stalls during the COVID-19 pandemic at Utako Ultra Modern market in Abuja, Nigeria. /Getty Images

Nigeria’s inflation rate rose to 19.64 percent in July, according to the National Bureau of Statistics (NBS), the highest level since September 2005.

NBS said in a statement on Monday the West African country’s inflation rose for the sixth straight month, up from 18.60 percent year on year in June.

“CPI for July 2022 was 463.6 relative to 387.5 in July 2021. In July 2022, on a year–on–year basis, the headline inflation rate was 19.64 percent. This was 2.27 percent points higher compared to the rate recorded in July 2021, which was (17.38 percent). This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021). This means that in the month of July 2022 the general price level was 2.26 percent higher than in July 2021,” the NBS statement said.

“On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 percent, which was 0.001 percent higher than the rate recorded in June 2022 (1.816 percent). The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75 percent, showing a 0.46 percent increase compared to 16.30 percent recorded in July 2021.”

Nigeria’s inflation has been fuelled by rice rises for food, fuel and clothing.

According to Reuters, food prices were up 22.02 percent year on year in July, caused by increases in prices of bread and cereals, potatoes, yam, meat, fish, oil and other items.

The West African country, which is Africa’s biggest economy, is due to hold its general elections in February 2023, and issues of inflation and economic hardship have already filled campaign conversations.