Nigeria’s inflation rate in August hits 20.52%, says NBS

The headline inflation rate in August 2022 rose to 20.52 per cent, data released by the National Bureau of Statistics (NBS), on Monday, in Abuja has shown.

This indicates 3.52 per cent higher compared to the rate recorded in August 2021, which was 17.01 percent.

According to the NBS, this shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year.

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• Nigeria’s inflation rate in August hits 20.52%, says NBS
• Nigeria’s inflation rate in August hits 20.52%, says NBS

“The percentage change in the average CPI for the 12 months period ending August 2022 over the average of the CPI for the previous 12 months period was 17.07 per cent, showing a 0.47 per cent increase compared to 16.60 percent recorded in August 2021,” the NBS stated.

The NBS said “the likely factors responsible for the increase in annual inflation rate (year-on-year basis) are: disruption in the supply of food products; increase in import cost due to the persistent currency depreciation, and general increase in the cost of production.”

On a year-on-year basis, the NBS said urban inflation rate in August 2022 was 20.95 per cent; this was 3.36 per cent higher compared to 17.59 per cent recorded in August 2021.

According to the NBS report, on a month -on-month basis, the urban inflation rate was 1.79 per cent in August 2022; this shows 0.03 per cent decline compared to July 2022, 1.82 per cent.

The corresponding twelve-month average for the urban inflation rate was 17.59 per cent in August 2022. This was 0.4 per cent higher compared to 17.19 per cent reported in August 2021.

The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis; this was 3.69 per cent higher compared to 16.43 per cent recorded in August 2021.

However, on a month-on-month basis, the rural inflation rate in August 2022 was 1.75 percent, down by 0.06 percent compared to July 2022 of 1.81 percent.

The corresponding twelve-month average for the rural inflation rate in August 2022 was 16.58 per cent; this was 0.55 per cent higher compared to 16.03 per cent recorded in August 2021.