In July 2023, the headline inflation rate rose to 24.08% relative to June 2023 headline inflation rate which was 22.79%. Looking at the movement, the July 2023 headline inflation rate showed an increase of 1.29% points when compared to June 2023 headline inflation rate. On a year-on-year basis, the headline inflation rate was 4.44% points higher compared to the rate recorded in July 2022, which was 19.64%. This shows that the headline inflation rate (year -on-year basis) increased in July 2023 when compared to the same month in the preceding year (i.e., July 2022). 

Data source: National Bureau of Statistics

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