Hard times hit Nigerians as the National Bureau of Statistics (NBS) says
inflation rose by 12.82 percent in July 2020.
According to the Bureau in its “Consumer Price Index (CPI) and Inflation
Report July 2020,” the increase is 0.26 percent points higher than the
rate recorded in June 2020 (12.56) percent.
NBS said in the period under review, increases were recorded in all
Classification of Individual Consumption by Purpose (COICOP) divisions
that yielded the headline index.
The report said on a month-on-month basis, the headline index increased
by 1.25 percent in July 2020.
This, said the NBS, is 0.04 percent rate higher than the rate recorded
in June 2020 (1.21) percent.
The corresponding twelve-month year-on-year average percentage change
for the urban index was 12.66 percent in July 2020, it said.
The report said this is higher than 12.50 percent reported in June 2020,
while the corresponding rural inflation rate in July 2020 is 11.49
percent compared to 11.36 percent recorded in June 2020.
The Bureau said the urban inflation rate increased by 13.40 percent
(year-on-year) in July 2020 from 13.18 percent recorded in June 2020,
while the rural inflation rate increased by 12.28 percent in July 2020
from 11.99 percent in June 2020.
On a month-on-month basis, the report said, the urban index rose by 1.27
percent in July 2020, up by 0.04 from 1.23 percent recorded in June
2020, while the rural index also rose by 1.23 percent in July 2020, up
by 0.04 from the rate recorded in June 2020 (1.19) percent.