Nigeria’s inflation records biggest monthly increase in 2020 for August at 13.22%

The National Bureau of Statistics (NBS) said on Tuesday disclosed that inflation rate in Nigeria recorded its biggest increase so far this year, rising to 13.22 per cent in August.

The 13.22 per cent inflation rate is the highest since April 2018, the NBS data showed.

The NBS, in its latest consumer price index report, said, “The consumer price index, which measures inflation increased by 13.22 per cent (year-on-year) in August 2020. This is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent).

“On a month-on-month basis, the headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”

The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

“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,” it added.