The National Bureau of Statistics, NBS, on Tuesday September 15, 2020 said the nation’s consumer price index (CPI) which measures inflation increased by 13.22 per cent (year-on-year) in August 2020, which is its biggest increase recorded since April 2018.
In the just released report of the NBS, it stated that the increases were recorded in all COICOP divisions that yielded the Headline index and is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
The report stated, “On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 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”.
According to the report, this rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.