Nigeria’s Inflation Rises Further To 20.52% – NBS
Nigeria’s headline inflation has surged to 20.52 per cent in August this year, rising from 19.64 per cent recorded in July last month.
According to the National Bureau of Statistics (NBS) report released on Thursday, inflationary pressure rose by 3.53 per cent year-on-year (YoY) in August 2020, higher than 17.01 per cent reported in August 2021.
This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month (August) in the preceding year (2021), the statistics office stated.
On a month-on-month (MoM) basis, the Headline inflation rate in August 2022 was 1.77 per cent, representing 0.05 per cent lower than the 1.82 per cent rate recorded in July 2022.
The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07 per cent, showing a 0.47 per cent increase compared to 16.60% recorded in August 2021, NBS stated.
The statistics office claimed that disruption in the supply of food products, increase in import cost due to the persistent currency depreciation, and general increase in the cost of production were some of the factors that led to the YoY increase in the headline inflation.
The report also shows that food inflation rate in August 2022 rose to 23.12 per cent on a YoY basis; representing 2.82 per cent higher when compared to the 20.30 per cent rate recorded in August 2021
Rise in the food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tuber, fish, meat, oil and fat, the report indicated.
The ‘’All items less farm produce’’ or
Core inflation, which excludes the prices of volatile agricultural produce, stood at 17.20 per cent in the review month on a YoY, up by 3.79 per cent when compared to 13.41 per cent recorded in August 2021.
Details later…
Comments are closed.