- The National Bureau of Statistics has announced that Nigerian consumer inflation was at 9.2 percent year-on-year in July unchanged from the previous month
- At 9.2%, inflation rate for June and July remains the highest since February 2013
- According to NBS, the Headline index has held at the same rate for the second consecutive month as a result of muted rises in the “Food and Non Alcoholic Beverages”, “Housing Water, Electricity, Gas and Other Fuel”, and “Furnishings & Household Equipment Maintenance” divisions amongst others.
- Food inflation remained at 10.0% year-on-year in July, unchanged from June, as slower increases in the some food categories such as meat and fruits weighed on the index, it said.
- A lot of ordinary Nigerians, will find it hard to resonate with this rate considering the rising cost of goods and services around the country.
- Last Month a report from SB Morgen Research indicated that from a sample of 500 workers, 18 out of 20 workers who fall under the minimum wage category of N18,500 spend almost 60% of their annual income on feeding, 20% on transportation and the other 20% on miscellaneous expenditure, leaving them with no savings
- According to the report, perishables, staples and edible consumables like tomatoes, pepper, yams, etc. recorded an average increase of 10% in price due to factors such as seasonal changes, increased production and handling costs and the weaker foreign exchange rates, prolonged period of fuel scarcity, etc. Household and personal hygiene products such as detergents, toiletries and cooking gas recorded minimal increase in prices as well.
[REALLY?] July Inflation Rate Remains Unchanged at 9.2%
![[REALLY?] July Inflation Rate Remains Unchanged at 9.2%](https://i1.wp.com/nairametrics.com/wp-content/uploads/2015/08/Will-smith-Really-Face.jpg?fit=418%2C299&ssl=1)
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