At 20.52%, Nigeria’s inflation hits 17-year high

Nigeria’s inflation rate drops to 15.99%
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 per cent in August 2022, up from 19.64 percent in the previous month.
The rate is the highest since October 2005 – a period of 17 years.
The National Bureau of Statistics (NBS) said this in its Consumer Price Index (CPI) report for August 2022 released on Thursday.
The NBS said the rate is 3.52 per cent higher compared to the 17.01 per cent recorded in August 2021.
Increases were recorded in all classifications of individual consumption according to purpose divisions that yielded the headline index.
“On a month-on-month basis, the headline inflation rate in August 2022 was 1.77 per cent, this was 0.05 per cent lower than the rate recorded in July 2022 (1.82 per cent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 per cent,” the NBS report stated.

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