-Cost of Living in Urban Area increases to 35.77%
- Safiu Kehinde
The Nigeria Bureau of Statistics has released the latest Consumer Price Index (CPI), disclosing 39.53% increase in Food Inflation.
As contained in the report, food inflation increased by 12.55% in July 2024 as against 26.98% recorded in July 2023 on a year-on-year basis.
The rise of food inflation, according to the report, is caused by increase in prices of food items such as semovita, yam flour (prepacked), wheat flour (prepacked), yam, Irish potato, Groundnut oil, Milo, and Bournvita, amongst others.
On month-on-month basis, food inflation stood at 2.47% as against 2.55% recorded last month.
By implication, it means there was 0.08% decrease in inflation between June and July 2024.
Also contained in the Consumer Price Index is Urban Inflation rate which stood at 35.77% as at the end of July 2024. It is 9.94% higher as 25.83% was recorded in July 2023.
This implies that the cost of living in Urban areas increased by 9.94% as against what was obtainable last year July.
Rural inflation, on the other hand, rose to 31.26% in July 2024 as against 22.49% recorded same period last year.
Overall, the July 2024 Headline CPI stand at 33.40% as against 24.08% recorded in July 2023.