The National Bureau of Statistics (NBS) says inflation rate rose to 24.08% in July 2023, the highest in years.
NBS said this today in its Consumer Price Index (CPI) report that measures the rate of change in prices of goods and services.
According to the CPI, the July 2023 rate showed an increase of 1.29% points when compared to the previous month’s which was 22.79%,
Recall on July 25, 2023, the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75% amid soaring food prices and rising cost of transportation occasioned by the removal of subsidy on petrol with the price per litre jumping from N184 to about N600, more than 200% hike.
Earlier, acting CBN Governor, Folashodun Shonubi, said the apex bank would take certain steps in the next few days to improve the liquidity in the market, stating that hiking the interest rate has made a lot of difference in moderating the rate of inflation.