Nigeria witnessed a surge in its headline inflation rate to 24.08 percent in July, marking an increase from the previous month's 22.99 percent.

This data was revealed by the National Bureau of Statistics (NBS) in its Consumer Price Index (CPI) report for July 2023, disclosed on Tuesday. The rise accounted for a 1.29 percentage point increment compared to the June figure, a change attributed to the challenges arising from the fuel subsidy removal policy.

In a year-on-year comparison, the recorded figure indicated a 4.44 percent rise from July 2022, which stood at 19.44 percent. This increase brought the inflation rate to a level not seen since September 2005, when it reached 24.3 percent.

The NBS reported, "In July 2023, the headline inflation rate rose to 24.08 percent in relation to the June 2023 headline inflation rate of 22.79 percent."