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Inflation: Nigeria records biggest monthly increase in inflation rate this year
By Emmanuel Awosika
Nigeria recorded its biggest increase in inflation this year after the inflation rate jumped from 12.82 percent in July to 13.22 percent in August, the latest NBS report shows.
According to the National Bureau of Statistics, the latest inflation rate is the highest seen since April 2018.
The NBS, while discussing its latest consumer price index report, said the consumer price index, which reflects inflation, rose to 13.22 (year-on-year) in August.
This represents an increase of 0.40 percent from the rate of 12.82 percent seen in July 2020.
“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 percent),” it added.
The NBS statistics also show that the composite food index, from 15.48 percent in July, rose by 0.52 percent to 16 percent in August.
The agency explained that the increase in CFI was a result of increases in food prices in the nation.
It said, “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,”
