National Bureau of Statistics NBS said Nigeria’s annual inflation rate rose to 24.08 per cent in July from 22.79 per cent in the previous month.

NBS said on a year-on-year basis, the headline inflation rate was 4.44 per cent points higher compared to the rate recorded in July 2022, which was 19.64 percent.

According to the report, the food inflation rate increased to 26.98 percent in July from 25.25 per cent in June.

Although the prices of food have been on the rise across Nigeria in recent years, the situation deteriorated due to the impact of government policies such as the removal of subsidy on petrol, among others.

On 29 May, during his inauguration, President Tinubu announced the removal of subsidy on petrol.

This development has caused hardship for many Nigerians with its attendant increase in the prices of goods and services.