Nigeria’s inflation rose by 0.92 basis points to 20.52 percent in August from 19.6 percent in July, pushed by rising cost of food items.
The National Bureau of Statistics in its Consumers Price Index report for August released on Thursday disclosed that food inflation rose to 23.12 percent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 percent recorded in the previous month.
According to the statistics office, “In August 2022, on a year –on- year basis, the headline inflation rate was 20.52 percent . This was
3.52 percentage point higher compared to the rate recorded in August 2021, which was (17.01 per cent).
“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).
“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). The Increases were recorded in all COICOP divisions that yielded the Headline index.”
The NBS added that “The food inflation rate in August 2022 was 23.12 percent on a year-on-year basis; which was 2.82 percent higher compared to the rate recorded in August 2021 (20.3 percent).
“This rise in the food inflation was caused by increases in prices of bread and cereals, food products, potatoes, yam and other tuber, fish, meat, oil and fat.
“On a month-on-month basis, the food inflation rate in August was 1.98 percent, this was a 0.07 percent decline compared to the rate recorded in July 2022 (2.04 percent).
“This decline is attributed to reduction in prices of some food items like tubers, garri, local rice and vegetables.”