Nigeria’s Inflation Rate Up to 12.82% In July
Nigeria’s inflation rate went up by 12.82 percent going by the consumer price index, (CPI) which measures inflation year-on-year for the month of July 2020. This 0.26% higher than the rate of 12.56% recorded in June 2020.
Headline Inflation at 1.25% in July 2020 from 1.21% in June 2020. Food inflation at 1.52% in July 2020 from 1.48% in June 2019. Core Inflation at 0.75% in July 2020 from 0.88% in June 2020.
According to the apex statistical agency, National Bureau of Statistics (NBS) through its official twitter handle, the Headline index went up by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21 percent).
According to the report, the percentage change in the average composite CPI for the twelve months period ending June 2020, over the average of the CPI for the previous twelve months period was 12.28 percent, representing a 0.11 percent point increase from 11.99 percent recorded in May 2020.
The latest report explicitly means that the purchasing power of Nigeria on product keeps reducing and their capability to get the same quantity of goods keeps reducing.