CPI: Nigeria’s inflation rate hits 24.08 percent –NBS

*The National Bureau of Statistics, in its latest Consumer Price Index report, announces Nigeria’s inflation rate rose to 24.08 percent July 2023, amid apparent Foreign Exchange scarcity and food inflation in the economy

Alexander Davis | ConsumerConnect

Nigeria’s inflation rate rose to 24.08 percent July 2023, which is considered the highest in recent  years even amid shortage of Foreign Exchange (Forex) in the country’s economy.

ConsumerConnect reports the National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report released Tuesday, August 15, said the July rate indicated an increase of 1.29 percent points, compared to the previous month’s, which was 22.79 percent.

The Nigerian inflation rate jumped July 2023 amid apparent Forex scarcity and food inflation occasioned by the Federal Government’s removal of petrol subsidy.

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

It is recalled the Central Bank of Nigeria (CBN), July 25 this year, raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75 percent.

The Bankers’ Bank had announced the interest rate increase amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol.

The prices of PMS per litre have varied from N184 to about N700 in some towns and cities in the country, according to report.

However, the CBN defended the measure, stating that “hiking the interest rate has made a lot of difference in moderating the rate of inflation.”

Meanwhile, as part of effort at reining in the inflationary trend in the economy, with a dollar exchanging at over N900 to national currency Naira, Mr. Folashodun Shonubi, Acting Governor of CBN, Monday, August 14 assured the Bank would apply certain measures to improve the liquidity in the Forex market in the next few days.

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