Amid Forex Scarcity, Nigeria’s Inflation Rate Hits 24.08%

Nigeria’s inflation rate rose to 24.08% in July 2023 compared to June 2023 headline inflation rate which was 22.79%.

The July 2023 rate showed an increase of 1.29% points when compared to the previous month’s, the National Bureau of Statistics said in its Consumer Price Index report released on Tuesday.

The CPI measures the rate of change in prices of goods and services.

On July 25, 2023, the Central Bank of Nigeria raised the Monetary Policy Rate, which measures interest rate, from 18.5 percent to 18.75%.

The interest rate increase occurred amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.

The apex bank had “hiking the interest rate has made a lot of difference in moderating the rate of inflation.”