This revelation was made public through the Consumer Price Index (CPI) and Inflation Report for July, which was issued in Abuja on Tuesday.
The report underscores a noteworthy 1.29 percent increase compared to the 22.79 percent recorded in June. Additionally, the year-on-year basis displayed a rise of 4.44 per cent in July, surpassing the rate of 19.64 per cent recorded in the same period in 2022.
The NBS report expounded on the contributing factors at the divisional level that led to the uptick in the headline index.
These include food and non-alcoholic beverages at 12.47 per cent, followed by housing, water, electricity, gas, and other fuel at 4.03 per cent.
Other influencing factors encompassed clothing and footwear at 1.84 per cent, transport at 1.57 per cent, furnishings, household equipment and maintenance at 1.21 per cent, education at 0.97 per cent, and health at 0.72 per cent.
Furthermore, the report delineated that miscellaneous goods and services accounted for 0.40 per cent, restaurant and hotels at 0.29 per cent, alcoholic beverages, tobacco, and kola nut at 0.26 per cent, recreation and culture at 0.17 per cent, and communication at 0.16 per cent.
On a month-on-month basis, the headline inflation rate for July 2023 was calculated at 2.89 percent, signifying a 0.76 per cent increase compared to the rate recorded in June 2023, which was 2.13 percent. This suggests a rise in the general price level by an average of 0.76 per cent in July 2023 relative to June 2023.
The report additionally underscored a percentage change in the average CPI for the 12 months ending July 2023 over the preceding 12-month period, marking a 21.92 per cent increase—a substantial 5.17 per cent rise compared to the 16.75 per cent registered in July 2022.
Regarding food inflation, the report indicated that July's rate was 26.98 per cent on a year-on-year basis, denoting a significant 4.97 per cent increase compared to the rate recorded in July 2022 at 22.02 per cent.
The root causes of the augmented food inflation encompassed price hikes in oil and fats, bread and cereals, fish, potatoes, yams, and other tubers, fruits, meat, vegetables, milk, cheese, and eggs.
Analysing the core inflation, which excludes the prices of volatile agricultural produce, the report revealed a year-on-year basis rate of 20.47 per cent in July.
This marked an augmentation of 4.41 per cent compared to the 16.06 per cent recorded in July 2022.
The NBS elucidated that the highest increases were observed in the prices of passenger transport by air and road, gas, vehicle spare parts, medical services, and maintenance and repair of personal transport, among other items.
The core inflation rate on a month-on-month basis was determined to be 2.11 per cent in July 2023, signifying a 0.34 per cent surge compared to the figure recorded in June 2023 at 1.77 per cent.
The average 12-month annual inflation rate stood at 18.84 per cent for the 12 months concluding in July 2023, indicating a substantial 4.31 per cent rise compared to the 14.53 per cent registered in July 2022.
When evaluating inflation rates based on states' profiles, the report outlined that in July, all items inflation rates on a year-on-year basis were highest in Kogi at 28.45 per cent, followed by Lagos at 27.30 per cent, and Ondo at 26.83 per cent.
Conversely, the slowest increase in headline inflation on a year-on-year basis was observed in Borno at 20.71 per cent, followed by Jigawa at 20.85 per cent, and Sokoto at 20.92 per cent.
The comprehensive report by the NBS delves into the intricate dynamics of inflation rates across various sectors and regions, providing insights into Nigeria's economic landscape in July 2023.