According to the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report released on Tuesday, the July 2023 rate increased by 1.29% points when compared to the previous month’s which was 22.79%.
The country’s inflation rate comes amid the shortage of foreign exchange.
The CPI measures the rate of change in prices of goods and services.
Nigeria’s apex bank, the Central Bank of Nigeria (CBN) on July 25, 2023, raised the Monetary Policy Rate (MPR), which measures interest rate, from 18.5 percent to 18.75%.
The interest rate increase occurred amid soaring food prices and the rising cost of transportation occasioned by the removal of subsidy on Premium Motor Spirit known as petrol.
The apex bank said, “hiking the interest rate has made a lot of difference in moderating the rate of inflation”.
CBN acting Governor, Folashodun Shonubi on Monday, the bank would take certain steps in the next few days to improve the liquidity in the market.
This is in a bid to address the forex shortage in the country with a dollar exchanging at over N900 to the naira.
Meanwhile, Kanyi Daily reported that the University of Ibadan, Oyo State, has directed its staff to work for three days a week as a result of the hike in the price of petrol arising from the removal of subsidy.
The institution stated this in a statement released in a special bulletin with the number 4642, dated August 14, 2023.
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