Inflation rate rises to 20.52% in August

Nigeria’s inflation rate rose by 0.92 basis points to 20.52 percent in August from 19.6 percent in July.

This represents the seventh consecutive monthly rise in Headline inflation since February.

Food inflation also rose to 23.12 percent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 percent recorded in the previous month.

The National Bureau of Statistics, NBS disclosed this on Thursday in its Consumers Price Index, CPI report for August.

The NBS said: “In August 2022, on a year–on–year basis, the headline inflation rate was 20.52 percent. This was 3.52 percentage points higher compared to the rate recorded in August 2021, which was (17.01 percent).

“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).

“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). The Increases were recorded in all COICOP divisions that yielded the Headline index.”