The National Bureau of Statistics (NBS) on Tuesday said that Nigeria’s inflation rate has recorded its biggest increase so far this year as it rises to 13.22 per cent in August with the increase being the highest since April 2018.
According to the NBS, in its latest consumer price index report, it said, “The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”
The statistics office reported that the composite food index rose by 16 per cent in August, compared to 15.48 per cent in July adding that “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.”