The National Bureau of Statistics (NBS) said yesterday that the Consumer Price Index (CPI) rose to 20.52 per cent year-on-year in August, compared to 17.01 per cent in the corresponding period in 2021.
It said the CPI had risen to 19.64 per cent in July 2022.
The latest inflation figure is the highest inflation rate the country has recorded in 17 years.
The agency said the 3.52 per cent rise indicated that the headline inflation rate increased in August 2022 when compared to the same month in the preceding year.
According to the CPI report for August 2022, which was posted on the NBS website, food inflation stood at 23.12 per cent on a year-on-year basis in the period under review, which was 2.82 per cent higher than the 20.30 per cent recorded in August 2021.
However, core inflation, which excludes the prices of volatile agricultural produce stood at 17.20 per cent year on year in August, up by 3.79 per cent when compared to 13.41 per cent recorded in August 2021.
The NBS pointed out that the rise in food inflation was caused by increases in prices of bread and cereals, food product, potatoes, yam, and other tubers, fish, meat, oil, and fat.
Month-on-month, food inflation stood at 1.98 per cent in August, representing 0.07 per cent decline compared to the 2.04 per cent recorded in July.
On the other hand, the core index recorded the highest increases in prices of gas, liquid fuel, solid fuel, passenger transport by road, passenger transport by air, fuel and lubricants for personal transport equipment, cleaning, repair, and hire of clothing.
On a month-on-month basis, core inflation stood at 1.59 per cent in August, down by 0.17 per cent when compared to 1.75 per cent recorded in the preceding month.
Also, year-on-year, the urban inflation rate stood at 20.95 per cent, which was 3.36 per cent higher compared to 17.59 per cent recorded in August 2021.
On a month-on-month basis, urban inflation stood at 1.79 per cent in August, representing a 0.03 per cent decline compared to 1.82 per cent in July.
On the other hand, the rural index year on year stood at 20.12 per cent, representing 3.69 per cent increase over the 16.43 per cent recorded in the preceding year.
Also, month-on-month the rural inflation was 1.75 per cent, down by 0.06 per cent compared to 1.81 per cent in July.
However, at state level, the inflation rate on a year-on-year basis was highest in Ebonyi 25.33 per cent, Rivers 23.70 per cent, Bayelsa 23.01 per cent.
On the other hand, Jigawa 17.30 per cent, Borno 17.56 per cent and Zamfara 18.04 per cent recorded the slowest rise in headline inflation.
Month-on-month, however, the highest increases were recorded in Anambra 2.78 per cent, Ondo 2.53 per cent, Nasarawa 2.40 per cent, while Yobe 0.68 per cent, Borno 0.84 per cent and Zamfara 0.98 per cent recorded the slowest rise in inflation.
Also, year-on-year, food inflation was highest in Kwara 30.80 per cent, Ebonyi 28.06 per cent and Rivers 27.64 per cent, while Jigawa 17.77 per cent, Zamfara 18.79 per cent and Oyo 19.80 per cent recorded the slowest rise.
Month-on-month, however, food inflation was highest in Anambra 3.05 per cent, Ondo 2.92 per cent and Bauchi 2.78 per cent, while Yobe 0.46 per cent, Oyo 0.89 per cent and Delta 0.94 per cent recorded the slowest rise.
With ThisDay report
