Nigeria’s inflation rate hits 28-month high as prices of foods, others rise

Nigeria’s Inflation rate rises to 13.22 per cent in August 2020, highest recorded in 29 months since March 2018, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Tuesday.

Nigeria’s Consumer Price Index, which measures the average change over time in prices of goods and services consumed in everyday living, climbed to 13.22 per cent in August.

Core inflation also rose to 10.52 per cent in August 2020, up by 0.42 per cent points when compared with 10.1 per cent recorded in July 2020.

The highest increases were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment.

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

Food inflation stood at 16 per cent in August 2020, compared to 15.48 per cent 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 also rose to 10.52 per cent in August 2020, up by 0.42 per cent points when compared with 10.1 per cent recorded in July 2020.

“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 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July 2020,” the National Bureau of Statistics said in its ‘Consumer Price Index August 2020’ report.

Year on year, the urban inflation rate jumped to 13.83 per cent from 13.40 per cent in July just as the rural inflation rate rose to 12.65 per cent in August from 12.28 per cent the month before.