Nigeria’s inflation hits 13.22%

Inflation Market Lagos

 

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

The NBS made this known in its CPI and Inflation Report for August released on Tuesday.

The latest figure is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

Food inflation stood at 16 percent in August 2020 compared to 15.48 percent in July 2020. 

This rise in the food index was attributed to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

Core inflation also rose to 10.52 percent in August 2020 up by 0.42 percent points when compared with 10.1 percent recorded in July 2020.

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

The last time Nigeria’s inflation rate was in this region was in March 2018 when the economy was recovering from the 2016 recession and inflation rate was on a decline from the 18 percent recorded during the recession.

The report reads, “On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).

“The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.

“The composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020.”