Nigeria’s annual inflation rate rose for the seventh straight month, nearing an 18-year high of 24.08 percent in July 2023..

According to the latest inflation report by the National Bureau of Statistics (NBS),  inflation rose to 24.08 percent in July 2023 from 22.79 percent in the previous month.

The report added that food inflation rate jumped to 26.98 percent in July from 25.25 percent in the previous month.

Analysts had expected July’s inflation rate to rise following high petrol prices due to subsidy removal and naira devaluation.

Since President Bola Tinubu announced the removal of the petrol subsidy in May , petrol prices have rises to over N600, while the value of the naira has dropped following the floating of Naira.

The floating of the Nigerian currency has increased the official rate from N463.38/$ to N740.60/$ as at Friday. The gap between the official and black market has also expanded to N200.