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Nigeria’s inflation rate rises to 19.6%, highest in 5 years

The inflation rate for July has risen to 19.64 percent.

This was against the 18.60 percent recorded for June, representing an increase of 1.04 percent on a monthly basis and 2.27 percent when compared with the same last year.

Data released by the National Bureau of Statistics on Monday shows that urban inflation reached 20.09 percent while rural inflation was put at 19.22 percent.

Food inflation was the highest of all the components used in calculating the inflation, coming in at 22.02 percent.

The data indicates that it was fuelled by increases in the price of bread, cereals, potato, yam and other tubers, meat, fish and oil.

The latest inflation figure is the highest since January 2017.

In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom, Ebonyi, and Kogi State while Jigawa, Kaduna and Borno State recorded the slowest rise in headline inflation.

However, Adamawa, Abuja and Oyo recorded the highest increase on a month-on-month basis in July 2022 while Bauchi, Kano and Niger state recorded the slowest rise on month-on-month inflation.

Reporting by Biodun Dare; Editing by Daniel Adejo, Annabel Nwachukwu