Nigeria’s inflation rate inched higher to 3.8% in July, driven largely by surging food prices and rising airfares, according to the latest data released by the National Bureau of Statistics (NBS).
The report showed that consumers faced steeper costs across essential commodities, with staple foods accounting for the bulk of the pressure. Rising transport expenses, particularly in the aviation sector, further fueled the monthly increase.
Analysts warn that the persistent climb in inflation continues to erode household purchasing power, leaving many Nigerians struggling to keep up with basic living expenses. They added that the combined impact of food insecurity, foreign exchange volatility, and high energy costs remains a major concern for economic stability.
The Central Bank of Nigeria (CBN) has maintained a tight monetary stance in recent months to contain inflationary pressures, but experts believe additional fiscal measures may be required to ease the burden on citizens.
The July figures mark a renewed challenge for policymakers, who are under pressure to strike a balance between economic growth and tackling the rising cost of living.