Nigeria’s Inflation Sees Biggest Monthly Jump In 2020 As Rate Hits 13.22%

President Muhammadu Buhari OnoBello

The National Bureau of Statistics (NBS) has revealed that the country’s inflation rate recorded its highest increase so far this year with 13.22 per cent in August and making it the highest since April 2018.

The statistics office’s data in its latest consumer price index report shared on Tuesday, noted 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).”

It also added, saying “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).”

According to The Punch, the composite food index rose by 16 per cent in August, compared to 15.48 per cent in July.

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 further read.

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