Inflation rate hits 13.22 in Nigeria

 

The National Bureau of Statistics (NBS) on Tuesday reported that inflation rate in the country has risen to 13.22 per cent in the month August.

It was the recorded biggest month on month increase so far this year.

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

“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.

About Jare Tiamiyu

A political and sport analyst, public speaker, writer, printer and online personnel. A development advocate with greater interest in SDGs goal 4 and 16.
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