Recent report by the National Bureau of Statistics revealed that the headline inflation rate rose to 24.08% in July 2023, relative to June 2023 headline inflation rate which was 22.79%.
According to National Bureau of Statistics, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%.
This shows that the headline inflation rate (year -on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022).
On a month-on-month basis, the headline inflation rate in July 2023 was 2.89%, which was 0.76% higher than the rate recorded in June 2023 (2.13%). This means that in July 2023, on average, the general price level was 0.76% higher relative to June 2023.
The percentage change in the average CPI for the twelve-month period ending July 2023 over the average of the CPI for the previous twelve-month period was 21.92%, showing a 5.17% increase compared to 16.75% recorded in July 2022.
URBAN INFLATION
On a year-on-year basis, in July 2023, the Urban inflation rate was 25.83%, this was 5.74% points higher compared to the 20.09% recorded in July 2022. On a month-on-month basis, the Urban inflation rate was 3.05% in July 2023, this was 0.75% points higher compared to June 2023 (2.31%). The corresponding twelve-month average for the urban inflation rate was 22.87% in July 2023. This was 5.59% points higher compared to the 17.29% reported in July 2022.
RURAL INFLATION
The Rural inflation rate in July 2023 was 22.49% on a year-on-year basis; this was 3.26% higher compared to the 19.22% recorded in July 2022. On a month-on-month basis, the Rural inflation rate in July 2023 was 2.74%, up by 0.78% points compared to June 2023 (1.96%). The corresponding twelve-month average for the rural inflation rate in July 2023 was 21.04%. This was 4.79% higher compared to the 16.25% recorded in July 2022.