This was disclosed in the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
In June, the inflation rate stood at 12.56$.
The report also shows that Nigeria’s inflation has consistently increased for 11-months, rising from 11.02% in August 2019 to 12.82% in July 2020.
According to the report, the composite food index rose to 15.48% compared to 15.18% recorded in June 2020. Meanwhile, Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.1% in July 2020 compared to 10.13% recorded in June 2020.
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