👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

MetroNewsSociety

 Nigeria’s Inflation Rises 17-year High Amid Soaring Food Prices

Nigeria’s inflation rate rose to 19.64 percent in July, the highest since September 2005, the National Bureau of Statistics [NBS] said on Monday. PREMIUM TIME reports.

The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged 17-year high from 18.60 percent in the previous month. jamb results


👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

The increase was recorded against the backdrop of food inflation, which rose to 22.02 percent in July from 20.60 percent in June. The rise in the food index was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tubers, meat, fish, oil, and fat.

See Other Top News:

The NBS in its Consumer Price Index (CPI) report for July 2022 said that on a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %). Information Guide Nigeria

“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 said.

On a month-on-month basis, the report said food inflation rate in July was 2.04%, 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%).

“This decline is attributed to a reduction in the prices of some food items like tubers, maize, garri, and vegetables,” the report said.

Check and Confirm: How much is Dollar to Naira today      Pounds to Naira today

📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Goodnews

Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker