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Nigeria’s inflation rate rises to 20.52% in August 2022

Nigeria‘s Consumer Price Index CPI) which measures inflation climbed to a new height of 20.52 per cent in August on a year–on–year basis.

The National Bureau of Statistics (NBS) in its inflation report for August 2022, Thursday said this was 3.52 per cent points higher compared to the rate recorded in August 2021, which was (17.01%).

The report showed that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (August 2021).

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Meaning that in August 2022, the general price level was 3.52 per cent higher relative to August 2021.

On a month-on-month basis, the headline inflation rate in August 2022 was 1.77 per cent, which was 0.05 per cent lower than the rate recorded in July 2022 (1.82%).

This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05percent.

The percentage change in the average CPI for the twelve months ending August 2022 over the average of the CPI for the previous twelve months period according to NBS was 17.07 per cent, showing a 0.47 per cent increase compared to 16.60 per cent recorded in August 2021.

In August 2022, all item’s inflation rate on a year-on-year basis was highest in Ebonyi (25.33%), Rivers (23.70%), Bayelsa (23.01%), while Jigawa (17.30%), Borno (17.56%) and Zamfara (18.04%) recorded the slowest rise in headline year-on-year inflation.

Food inflation on a year-on-year basis was highest in Kwara (30.80%), Ebonyi (28.06%), and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%), and Oyo (19.80%) recorded the slowest rise on year-on-year food inflation the statistics office noted.

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