Nigeria’s Inflation Rate Records Biggest Increase In 2020

The National Bureau of Statistics, NBS has on Tuesday, September 15 announced that Nigeria’s inflation rate has recorded its biggest increase so far in 2020 after it rose to 13.22 per cent in August.

A data released by the NBS showed that the 13.22 per cent inflation rate is the highest since April 2018.

According to the NBS’s latest consumer price index report, the consumer price index, which measures inflation increased by 13.22 per cent in August 2020 thereby recording a 0.40 per cent points higher than the rate recorded in July 2020.

The year-on-year inflation rate was 13.22% in Aug 2020 from 12.82% in July 2020, Food inflation at 16.0% in July 2020 from 15.48% in July 2020, Core Inflation at 10.52% in Aug 2020 from 10.10% in July 2020.

Nigeria'S Inflation Rate Records Biggest Increase In 2020 1
Nigeria’s Inflation Rate Records Biggest Increase In 2020.

Statistician-General of the Federation and the CEO, Nigerian National Bureau of Statistics in a tweet announced that composite food index rose by 16 per cent in August compared to 15.48 per cent in July, according to the statistics office.

It was gathered that the 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. had earlier reported that the NBS announced that consumer price index indicating that Nigeria’s inflation rate rose further to 12.82 per cent in July.

According to the price index which is the highest in 27 months, the inflation rate in July rose by 0.26 per cent higher than the 12.56 per cent rate recorded in June (Read more here).

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