Nigeria’s Inflation Rate Hits Record High 20.52%

The National Bureau of Statistics (NBS) ‘s latest Consumer Price Index (CPI) report said that the nation’s inflation rate has increased to 20.52 percent in August 2022.

NBS said, in August 2022, on a year–on- year basis, the headline inflation rate was 20.52%.

The current rate, according to NBS, was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).

“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).

“Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021. On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77%, this was 0.05% lower than the rate recorded in July 2022 (1.82%).

“This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%.

“The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021”, the Bureau said.

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