Nigeria’s annual inflation rate in July 2023 rose to 24.08 per cent the highest in 18 years, driven by higher prices of food items, increased transport fares amongst others. The inflation rate which represents 1.29 percentage points from 22.79 per cent in June.
On a year-on-year basis, the headline inflation rate was 4.44% points higher. Furthermore, the headline inflation rate in July 2023 on a month-on-month basis was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.