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Nigeria’s Inflation Rate Hits All-time High Of 19.64% In 17 Years

Nigeria’s price index continued on a fast high rate to hit 463.6 in July 2022 compared to 387.5 in July 2021, making it highest in the last 17 years.

Figures from the National Bureau of Statistics (NBS) on Monday showed that in July 2022, on a year–on-year basis, the headline inflation rate was 19.64 per cent.

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This was 2.27 per cent 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.

This means that in the month of July 2022 the general price level was 2.26 percent higher than in July 2021.

On a month-on-month basis, the headline inflation rate in July 2022 was 1.817 per cent, which was higher than the rate recorded in June 2022 (1.816 permcent).

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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 per cent, showing a 0.46 per cent increase compared to 16.30 per cent recorded in July 2021.

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