Nigeria’s headline inflation worsens, hits 24.08% in July

…as Naira performs poorly in the forex market

Nigeria’s headline inflation hits 24.08 per cent in July from the 22.79 per cent recorded in June.

The Nigerian Bureau of Statistics revealed that food inflation rose to 26.98 per cent in July from the 25.25 per cent recorded the previous month.

“Headline Inflation for July 2023 was 24.08% from 22.79% in June 2023. Food Inflation was 26.98% in July 2023 from 25.25% in June 2023. Urban Inflation was 25.83%, rural Inflation was 22.49%,” a report by the NBS read.

The latest data comes just as the country’s currency continues to decline at the Forex market.

Checks by PoliticsNow on Tuesday revealed that the Naira currently exchanges at N945 per dollar. This had adversely affected the pump price of fuel among other vital commodities.

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Dele Olayinka

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