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Nigeria’s Inflation Rocks 13.22 Percent.

This Year 2020, the nation’s inflation rate has recorded its biggest increase so far, rising to 13.22 per cent in August, the National Bureau of Statistics said on Tuesday.

The NBS data showed, the 13.22 per cent inflation rate is the highest since April 2018.

The NBS, in its latest consumer price index report, said, “The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent.)

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

According to the statistics office,the composite food index rose by 16 per cent in August, compared to 15.48 per cent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” it added.

 

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