All Items Index

CPI for July 2022 was 463.6 relative to 387.5 in July 2021. In July 2022, on a year –on- year basis, the headline inflation rate was 19.64%. This was 2.27% points higher compared to the rate recorded in July 2021, which was (17.38 %). This shows that the headline inflation rate increased in the month of July 2022 when compared to the same month in the previous year (i.e., July 2021). This means that in the month of July 2022 the general price level was 2.26% higher than in July 2021.  

On a month-on-month basis, the Headline inflation rate in July 2022 was 1.817 %, which was 0.001% higher than the rate recorded in June 2022 (1.816 %).  

The percentage change in the average CPI for the twelve months period ending July 2022 over the average of the CPI for the previous twelve months period was 16.75%, showing a 0.46% increase compared to 16.30% recorded in July 2021. The increases were recorded in all COICOP divisions that yielded the Headline index.  

On a year-on-year basis, in the month of July 2022, the urban inflation rate was 20.09%, this was 2.08% higher compared to 18.01% recorded in July 2021. On a month-on-month basis, the urban inflation rate was 1.82% in July 2022, this was a 0.0002% decline compared to June 2022 (1.82%). The corresponding twelve-month average for the urban inflation rate was 17.29 % in July 2022. This was 0.40% higher compared to 16.89% reported in July 2021.  

The rural inflation rate in July 2022 was 19.22% on a year-on-year basis; this was 2.47% higher compared to the 16.75% recorded in July 2021. On a month-on-month basis, the rural inflation rate in July 2022 was 1.811%, up by 0.002% compared to June 2022 (1.809%). The corresponding twelve-month average for the rural inflation rate in July 2022 was 16.25%. This was 0.52% higher compared to 15.73% recorded in July 2021. 

Food Index

The food inflation rate in July 2022 was 22.02 % on a year-on-year basis; which was 0.99% higher compared to the rate recorded in July 2021 (21.03%). This rise in food inflation was caused by increases in prices of Bread and cereals, Food products n.e.c, Potatoes, yam and other tubers, meat, fish, oil, and fat.  

On a month-on-month basis, the food inflation rate in July was 2.04%, this was a 0.01% insignificant decline compared to the rate recorded in June 2022 (2.05%). This decline is attributed to a reduction in the prices of some food items like Tubers, Maize, Garri, and Vegetables.  

The average annual rate of food inflation for the twelve-month period ending July 2022 over the previous twelve-month average was 18.75%, which was a 1.42% points decline from the average annual rate of change recorded in July 2021 (20.16%). 

All Items Less Farm Produce

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 16.26% in July 2022 on a year-on-year basis; up by 2.54% when compared to 13.72% recorded in July 2021.  

On a month-on-month basis, the core inflation rate was 1.75% in July 2022. This was up by 0.20% when compared to 1.56% recorded in June 2022. The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Garments, Cleaning, Repair and Hire of clothing.  

The average 12-month annual inflation rate was 14.28% for the twelve-month period ending July 2022; this was 2.23% points higher than the 12.05% recorded in July 2021. 

State Profiles

In analysing price movements under this section, it should be noted that CPI is weighted by consumption expenditure patterns that differ across states and locations. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading. 

All Items Inflation

In July 2022, all items’ inflation rate on a year-on-year basis was highest in Akwa Ibom (22.88%), Ebonyi (22.51%), Kogi (22.08%), while Jigawa (16.62%), Kaduna (17.04%) and Borno (18.04%) recorded the slowest rise in headline Year-on-Year inflation.  

However, on a month-on-month basis, July 2022 recorded the highest increases in Adamawa (2.87%), Abuja (2.84%), Oyo (2.77%), while Bauchi (0.82%), Kano (0.83%) and Niger (1.03%) recorded the slowest rise on month-on-month inflation. . 

Food Inflation

In July 2022, food inflation on a year-on-year basis was highest in Kwara (29.28%), Akwa Ibom (27.22%), and Kogi (26.08%), while Kaduna (17.16%), Jigawa (17.46%) and Anambra (19.25%) recorded the slowest rise on year-on-year food inflation.  

On a month-on-month basis, July 2022 food inflation was highest in Kwara (3.90%), Delta (3.61%), and Benue (2.94%), while Taraba (0.14%), Gombe (0.94%), and Niger (1.13%) recorded the slowest rise on month-on-month inflation.