By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria’s inflation remained 9.2 percent year-on-year in July, unchanged from the rate recorded in June which marked the highest rate since February 2013 and above the Central Bank of Nigeria (CBN) target upper limit, according to the National Bureau of Statistics (NBS).

The NBS says this is as a result of muted rises in the “Food and Non Alcoholic Beverages”, “Housing Water, Electricity, Gas and Other Fuel”, and “Furnishings & Household Equipment Maintenance” divisions amongst others.

Food inflation remained at 10.0 percent year-on-year in July, unchanged from June, as slower increases in the some food categories such as meat fish potatoes, yams and fruits impacted on the index, the NBS affirmed.

“On a month-on-month basis, the pace of the increase in the Headline index eased for the second consecutive month, increasing by 0.7 percent in July, from 0.9 percent recorded in June. The Headline index increased at a slower rate as all COICOP divisions slowed during the period with the exception being the Health division,” the report said.

The NBS further affirmed that the Urban index increased by 9.2 percent (year-on-year), relatively unchanged from rates recorded in June, while the Rural index increased marginally by 9.2 percent, from 9.1 percent in June.

The report added that on a month-on-month basis, both the Urban and Rural indices increased by 0.7 percent, lower from 0.9 percent reported in June.

It said the percentage change in the average composite CPI for the twelvemonth period ending in July over the average of the CPI for the previous twelve-month period was 8.5 percent, marginally higher from the 8.4 percent rate recorded in June.