Nigeria’s Consumer Price Index CPI), which measures inflation, rose to a new high of 20.52 percent year-on-year in August.
The National Bureau of Statistics (NBS) said in its inflation report for August 2022 on Thursday that this was 3.52 percentage points higher compared to the rate recorded in August 2021 (17.01%).
The report found that headline inflation increased in the month of August 2022 compared to the same month in the previous year (August 2021).
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This means that in August 2022 the general price level was 3.52 percent higher than in August 2021.
On a monthly basis, headline inflation was 1.77 percent in August 2022, which was 0.05 percent lower than in July 2022 (1.82%).
This means that headline inflation (month-on-month) fell by 0.05 percent in August 2022.
The percentage change in the mean CPI for the twelve months ended August 2022 from the average of the CPI for the previous twelve months according to NBS was 17.07 percent, an increase of 0.47 percent compared to 16.60 percent registered in August 2021.
In August 2022, the year-on-year inflation of all items was highest in Ebonyi (25.33%), Rivers (23.70%), Bayelsa (23.01%), while Jigawa (17.3%), Borno (17. .56%) and Zamfara (18.04%) registered the slowest annual rise in headline inflation.
Annual food inflation was highest in Kwara (30.80%), Ebonyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) ) recorded the slowest rise in year-over-year food inflation, the Bureau of Statistics noted.