NigeriaNigeria’s Inflation Hits 20.52% In August

Nigeria’s Inflation Hits 20.52% In August

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Abuja, Nigeria – The National Bureau of Statistics (NBS) says inflation rate rose to 20.52 percent in August from its previous peg of 19.64 percent.

Nigeria’s Inflation Hits 20.52% In August
NBS office 

The information is contained in the NBS Consumer Price Index(CPI) and Inflation Report for August released in Abuja, on Thursday.

According to the report, the figure is 3.52 percent points higher compared to 17.01 percent recorded in August 2021.

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“This shows that the headline inflation rate increased in August 2022 when compared to the same month in the previous year.

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

Factors responsible for the increase in Nigeria’s annual inflation rate, according to the report, include disruption in food supply chain.

Read Also: U.S. To Provide $5 Million Grant To AfDB

Other factors were increase in import cost due to the persistent currency depreciation and a general increase in the cost of production.

“This means that in August 2022 the headline inflation rate on a month–on–month basis declined by 0.05 per cent,” said the report.

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