Nigeria’s annual inflation rate rose for the seventh straight month, nearing an 18-year high of 24.08 percent in July 2023, according to the latest inflation report released on Tuesday.

The report published by the National Bureau Statistics (NBS) said the inflation rose to 24.08 percent in July 2023 from 22.79 percent in the previous month and the food inflation rate quickened to 26.98 percent in July from 25.25 percent in the previous month.


“Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29 percent points when compared to June 2023 headline inflation rate,” it said.

Read also: Nigeria’s inflation quickens to 21.82% after surprise slowdown in Dec

Analysts had expected July’s inflation rate to accelerate further on the back of the high petrol prices occasioned by the subsidy removal and naira devaluation.

“Apart from the sustained uptick in the general price level, the slope of the inflation curve is becoming steeper (i.e. the rate of change in inflation is increasing). This is an indication that the impact of recent policy changes is becoming more evident,” analysts at Financial Derivatives Company Limited, led by economist Bismarck Rewane said in a recent economic bulletin.

They said in a period of one month, the price of petrol has increased twice, first to N488/ltr and then to N617/ltr.

“Diesel price is also up 5.88 percent to N720/ltr from N680/ltr, pushing up transport and logistics costs. They said in addition, the naira touched an all-time low of N893/$ at the parallel market.”

Analysts at Capital Economics added that inflation will accelerate as previously expected due to the removal of fuel subsidies.

“Our view remains unchanged that the removal of the fuel subsidy will add around 4.5 percentage points to headline inflation. The effects of the fall in the naira will have continued to feed through too,” they said.


https://businessday.ng/news/article/nigerias-inflation-quickens-to-24-08-on-high-petrol-cost-fx-scarcity/

Its well my brother. Still, we will survive it

Sell this country & share the proceeds let's move on.
It's not working.

Back to back bad news.

The main hope now is local refining.

There's no sign yet the inflation rate will slow down in august.