Nigeria’s Inflation rate rose to 13.22% in August 2020, the highest rate recorded in 29 months since March 2018 (13.24%).
This was contained in the recent Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
The CPI report released by the statistics agency said that the over two-year high is largely due to the supply disruption of goods and services caused by the COVID-19 pandemic.
“The Consumer Price Index, (CPI) 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).
“The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020,” the report read in part.
Food inflation stood at 16% in August 2020, compared to 15.48% 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 which excludes the prices of volatile agricultural produce stood at 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.