Nigeria’s inflation maintains 11th month surge, peaks at 13.22%
Nigeria’s inflation has maintained an upward swing for the 11th consecutive month, rising by 13.22 per cent, year-on-year, in August 2020.
The country last recorded its highest inflation in March 2018 with 13.34 per cent rise in the headline index, but increased from 11.02 per cent in August 2019 to 13.22 per cent in August 2020.
According to the consumer price index, CPI, report released by the National Bureau of Statistics, NBS, the 13.22 increase in August indicates 0.40 per cent points rise higher than the 12.82 per cent rate recorded in July 2020.
NBS’ consumer price index measures the average change over time in prices of goods and services consumed by people for day-to-day living.
The Bureau said in August, increases were recorded in all Classification of Individual Consumption by Purpose, COICOP, divisions that yielded the headline index.
On a month-on-month basis, the bureau said the headline index increased by 1.34 per cent in August 2020, making it 0.09 per cent higher than the 1.25 per cent rate recorded in July 2020.
It said the percentage change in the average composite CPI for the 12-month period ending August 2020 over the average of the CPI for the previous 12-month period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020.
“The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.
“On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).
“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 percent in August 2020. This is higher than 12.66 percent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 percent compared to 11.49 percent recorded in July 2020,” NBS said.