Nigeria's inflation rate hits 13.22 per cent - NBS

The National Bureau of Statistics reports that the Consumer Price Index (which measures inflation) increased to 13.22 per cent in August 2020
EJ
Emeh Joy

The National Bureau of Statistics (NBS) has said that the Consumer Price Index (which measures inflation) increased to 13.22 per cent year-on-year in August 2020.

The NBS disclosed this in its CPI and Inflation Report for August which was released on Tuesday. The latest figure now is 0.40 per cent points higher than the recorded rate in July 2020 (12.82 per cent).

Food inflation was at 16 per cent as of August 2020, compared to 15.48 per cent in July 2020. This increase in the food index was attributed to the rise in prices of food items like cereals, bread, yam, potatoes, meat, fish, fats, oils, fruits and vegetables.

Core inflation also increased to 10.52 per cent in August 2020, up by 0.42 per cent when compared with 10.1 per cent recorded in July 2020.

The highest increase were recorded in the prices of passenger transport by air, maintenance and repair of personal transport equipment, hospital services, medical services and pharmaceutical services.

The last time Nigeria's inflation hit this range was in March 2018 when the economy was at the recovery stage from the 2016 recession. Inflation rate then was on a decline from the 18 per cent recorded during the recession.

"On a month-on-month basis, the headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).

"The urban inflation rate increased by 13.83 per cent (year-on-year) in August 2020 from 13.40 per cent recorded in July 2020 while rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in July 2020.

"The composite food index rose by 16.00 per cent in August 2020, compared to 15.48 per cent in July 2020", the report read.

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