Nigeria's annual inflation rate experienced a notable uptick, surging to 24.08% in July, marking a distinct rise from the previous month's 22.79%, as reported by the National Bureau of Statistics (NBS) on Tuesday. The data indicated that the inflation rate for July 2023 displayed a notable 1.29% increase compared to the headline inflation rate in June 2023.
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Year-On-Year Comparison Highlights Significant Inflation Spike
The NBS emphasized that on a year-on-year basis, the headline inflation rate was 4.44% points higher in comparison to the rate registered in July 2022, which stood at 19.64%. This implies that the year-on-year headline inflation rate for July 2023 showed an evident rise when juxtaposed with the same month of the previous year, namely July 2022.Continue Reading:
Nigeria's Inflation Rate Sees Uptick to 24.08% in July, Reflecting Economic Strain
Nigeria's annual inflation rate experienced a notable uptick, surging to 24.08% in July, marking a distinct rise from the previous month's 22.79%, as reported by the National Bureau of Statistics (NBS...
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