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Nigeria’s inflation riots to 20.52% in August

The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate rose to 20.52 per cent on a year-on-year basis in August from 19.64 percent last month. This is according to the NBS Consumer Price Index (CPI) and Inflation Report for August released in Abuja, yesterday. The report says the figure is 3.52 per cent points higher compared to 17.01 per cent recorded in August 2021. “This shows that the headline inflation rate increased in August 2022 when compared to the same month in the previous year. “Meaning that in August 2022, the general price level was 3.52 per cent higher relative to August 2021,” the NBS stated. According to the report, factors responsible for the increase in Nigeria’s annual inflation rate include disruption in food supply chain. Other factors were increase in import cost due to the persistent currency depreciation and a general increase in the cost of production. “This means that in August 2022 the headline inflation rate on a month–on–month basis declined by 0.05 per cent,” said the report.

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