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Rise in food prices pushes Nigeria’s inflation to 12.82%

By Obas Esiedesa

Increase in the price of food items in July has pushed Nigeria annual inflation to 12.82 percent, data from the National Bureau of Statistics (NBS) have shown.

NBS in its Consumer Price Index report for the month of July released on Monday afternoon showed that prices of food rose by a huge 15.48 percent (year-on-year) in the period.

High cost of bread & cereal, fish, potatoes, yam & tubers, meat oil & fats, and fruits led to the increase, the report indicated.

“The consumer price index, (CPI) which measures inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

“Increases were recorded in all COICOP divisions that yielded the Headline index.

“On month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent”.

Also rises in price were recorded in medical services, hospital services, passenger transport by air and land, pharmaceutical products, maintenance and repairs transport equipment and vehicle spare parts.

Among the states, Bauchi recorded the highest inflation rate (year-on-year) with 16.10 percent, followed by Kogi and Sokoto/Plateau with 15.90 percent and 15.20 percent respectively.

Slowest inflation was recorded in Kwara with 10.50 percent followed by Adamawa and Lagos with 10.60 percent and 10.70 percent respectively.

The report also showed that inflation in urban area was 13.40 percent year-on-year and 1.27 percent month-on-month, while the rural index indicated prices of 12.28 percent year-on-year and 1.23 percent month-on-month.

Written by ExpressDay

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