Inflation Rate Rises To 20.52%

Nigeria’s inflation rate has surged to 20.52percent in August, 2022, the National Bureau of Statistics (NBS) has said.
The headline inflation rate was 19.64percent in July, 2022.
NBS stated that the consumer price index (CPI) for August, 2022, released, yesterday, was 3.52percent points higher compared to the rate recorded in August, 2021, which was (17.01percent).
The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.
It said: “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 3.52percent higher relative to August, 2021.
“On a month-on-month basis, the Headline inflation rate in August, 2022 was 1.77percent, this was 0.05percent lower than the rate recorded in July, 2022 (1.82percent). This means that in August, 2022, the headline inflation rate (month–on–month basis) declined by 0.05percent.
“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 17.07percent, showing a 0.47percent increase compared to 16.60percent recorded in August, 2021. The Increases were recorded in all COICOP divisions that yielded the Headline index.”
The NBS attributed the increase in the annual inflation rate to three factors: Disruption in the supply of food products; increase in import cost due to the persistent currency depreciation; and general increase in the cost of production.
On a year-on-year basis, in August, 2022, the urban inflation rate was 20.95percent, this was 3.36percent higher compared to 17.59percent recorded in August, 2021.
On a month-on-month basis, the urban inflation rate was 1.79percent in August, 2022, this was a 0.03percent decline compared to July, 2022 (1.82percent).
The corresponding twelve-month average for the urban inflation rate was 17.59percent in August, 2022.
This was 0.4percent higher compared to 17.19percent reported in August, 2021.
The rural inflation rate in August, 2022 was 20.12percent on a year-on-year basis.
This was 3.69percent higher compared to 16.43percent recorded in August, 2021.
On a month-on-month basis, the rural inflation rate in August, 2022 was 1.75percent, down by 0.06percent compared to July, 2022 (1.81percent).
The corresponding 12-month average for the rural inflation rate in August, 2022 was 16.58percent.
This was 0.55percent higher compared to 16.03percent recorded in August, 2021.