Nigeria’s Inflation Rate Hits 13.22 Per Cent

The National Bureau of Statistics has said that Consumer Price Index, which measures inflation, increased to 13.22 per cent 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 per cent points higher than the rate recorded in July 2020 (12.82 per cent).

Food inflation stood at 16 per cent in August 2020 compared to 15.48 per cent 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 per cent in August 2020 up by 0.42 per cent points when compared with 10.1 per cent recorded in July 2020.

The highest increase 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 per cent recorded during the recession.

The report reads, “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 the 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.”

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