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Inflation in Nigeria: Citizens lament as rate hits 19.64%, highest since 2005

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Nigeria’s annual inflation rate has surged to a 17 year high to 19.64% as rising cost of goods and services continue to take its toll on the country’s currency and livelihood of its citizens.

The latest figures are contained in a report released by the National Bureau of statistics, the report also shows that food inflation rose to 20.02% in July, an uptick compared to 20.60 percent in June.

A breakdown of the NBS data shows that the food inflation rate in July declined by 0.01% to 2.04% in Month-on-Month contrast, against the 2.05% rate recorded in June 2022.

The economic interpretation of the rising inflation number means that Nigerians are not able to purchase as much goods and services with their monies as the value of their income has been eroded due to rising cost.




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