Nigeria experienced a significant surge in headline inflation in July 2023, reaching 24.08%, according to the National Bureau of Statistics.
This marks the most substantial increase throughout the entire year.
Comparatively, the inflation rate was 22.79% in June, indicating a rise of 1.29 percentage points.
The NBS elaborated that the July 2023 headline inflation rate rose by 1.29%, when compared to the rate in June 2023.
Moreover, on a year-on-year basis, the July 2023 headline inflation rate was 4.44% points higher than that of July 2022, which stood at 19.64%.
This underscores a clear escalation in the headline inflation rate in July 2023 compared to the same month the prior year.
