JUST IN: Nigeria’s inflation rate hits 19.64% — highest in 17 years

The consumer price index (CPI) grew to 19.64 percent in July 2022, up from 18.60 percent in the previous month.

The CPI measures the rate of change in prices of goods and services.

According to the National Bureau of Statistics (NBS), the increase indicates a 1.82% month-on-month increase.

The NBS made this known on Monday in its consumer price index (CPI) report for July 2022.

By the same token, the present inflation rate is the highest ever rate recorded since September 2005

On a month-on-month basis, NBS said the headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).

“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%, showing a 0.46% increase compared to 16.30% recorded in July 2021,” the report reads.