Nigeria’s inflation rate rises to 20.52%

Published by

3 years ago

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 new rate is 3.52 per cent rate higher than the rate recorded in August 2021 – 17.01 per cent.

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.

“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 per cent recorded in August 2021”, the NBS stated.

The NBS said, “the likely factors responsible for the increase in the 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 a general increase in the cost of production”.

On a year-on-year basis, the NBS said the urban inflation rate in August 2022 was 20.95 per cent; this was 3.36 per cent higher compared to the 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 a 0.03 per cent decline compared to July 2022, 1.82 per cent.

The corresponding 12-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 per cent, down by 0.06 per cent compared to July 2022 of 1.81 per cent.

The corresponding 12-month average for the rural inflation rate in August 2022 was 16.58 per cent; this was 0.55 per cent higher compared to the 16.03 per cent recorded in August 2021.

ALSO READ FROM NIGERIAN TRIBUNE