BY: Moses olajuwon Obajemu
Inflation rate in the country inched up, once again, in July 2020 as it moved up to 12.82 percent from 12.56 percent in June, the highest in over two years. Inflation is the measurement of the general price level symbolised by consumer price index.
The National Bureau of Statistics, in its July 2020 CPI and Inflation report released on Monday, said the latest figure represents 0.26 per cent points higher than the rate recorded in June 2020, which was 12.56 per cent.
Nigeria’s inflation rate has been on the increase since the beginning of this year.
In January, February, March, April, May, and June, the rates in percentages were 12.13, 12.20, 12.26, 12.34, 12.40 and 12.56 respectively.
In its latest report, the bureau stated that in July, increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.
It noted that on a month-on-month basis, the headline index increased by 1.25 per cent in July 2020, adding that this was 0.04 per cent rate higher than the rate recorded in June 2020 of 1.21 per cent.
“The corresponding 12-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020,” the bureau stated.
This, it said, was higher than 12.50 per cent reported in June 2020, while the corresponding rural inflation rate in July 2020 was 11.49 per cent compared to 11.36 per cent recorded in June 2020.
On urban inflation rate, the CPI report stated that it increased by 13.40 per cent year-on-year in July 2020.
This was from 13.18 per cent recorded in June 2020, while the rural inflation rate increased by 12.28 per cent in July 2020 from 11.99 per cent in June 2020.
The bureau stated that on a month-on-month basis, the urban index rose by 1.27 per cent in July 2020, up by 0.04 from the 1.23 per cent recorded in June 2020.
“The rural index also rose by 1.23 per cent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) per cent,” the NBS stated.
It added, “On month-on-month basis, the headline index increased by 1.25 per cent in July 2020. This is 0.04 per cent rate higher than the rate recorded in June 2020 (1.21) per cent.”