Nigeria records highest inflation rate at 13. 22 percent – NBS data shows

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The Nigerian Bureau of Statistics in its latest release says the nation recorded its highest inflation rate increase in August this year, rising to 13.22 per cent.

NBS said the 13.22 per cent inflation rate is the highest since April 2018, and added that: “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 data also revealed that the composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

“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,” it added.