Nigeria records 13.22% per cent inflation in August, highest since April 2018

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The National Bureau of Statistics (NBS), in its latest Consumer Price Index (CPI) report showed that inflation increased by 13.22 per cent year-on-year in August 2020.

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

The bureau said headline inflation rate stood at 12.20 per cent in February from where it rose by 1.02 per cent to 13.22 per cent in August.

When compared to 12.82 per cent recorded in July 2020, inflation rose year-on-year by 0.40 percent.

Similarly, in August, food inflation increased by 0.52 per cent to 16 per cent from15.48 per cent in July.

The bureau attributed the increase to a rise in the prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

“The CPI, which measures inflation, increased by 13.22 per cent year-on-year in August 2020. This is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.

“On a month-on-month basis the headline index increased by 1.34 per cent in August 2020. This is 0.09 percent 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.

“On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 per cent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).”

On food inflation the NBS said: “The composite food index rose by 16.00 per cent in August 2020 compared to 15.48 percent in July 2020.

“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.

“On month-on-month basis, the food sub-index increased by 1.67 per cent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July 2020.

“On month-on-month basis, the food sub-index increased by 1.67 per cent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July 2020.

States with the highest year-on-year food inflation in August were Kogi (22.03 per cent), Kwara (19.11 per cent) and Edo (17.95 per cent), while Gombe (14.33 per cent), Kano (13.99 per cent) and Bauchi (13.42 per cent) recorded the slowest rise.

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