Nigeria’s Inflation Rate Hits 12.82%- NBS

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The nation’s inflation rate has further increased to 12.82 percent, according to the latest report released by the National Bureau of Statistics (NBS).

NBS said, the consumer price index, (CPI) which measures inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent.

The bureau said, increases were recorded in all COICOP divisions that yielded the Headline index.

It said, on month-on-month basis, the Headline index increased by 1.25 percent in July 2020. This is 0.04 percent rate higher than the rate recorded in June 2020 (1.21) percent.

NBS said, the percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020.

The Report said, “this rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam, and other tubers, meat, fruits, oils and fats, and fish.

“The highest increases were recorded in prices of Medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts,” the report said.

It said, the urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99
percent in June 2020.

“On a month-on-month basis, the urban index rose by 1.27 percent in July 2020, up by 0.04 from 1.23 percent recorded in June 2020, while the rural index also rose by 1.23 percent in July 2020, up by 0.04 from the rate recorded in June 2020 (1.19) percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 percent in July 2020. This is higher than 12.50 percent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 percent compared to 11.36 percent recorded in June 2020”, it said.

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