Nigeria’s inflation rate has surged to 20.52% in August 2022, according to the National Bureau of Statistics (NBS).
The headline inflation rate was 19.64% in July 2022.
NBS stated that the consumer price index (CPI) for August 2022, released on Thursday, was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).
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 3.52% 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%.
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“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 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: 1. Disruption in the supply of food products; 2. Increase in import cost due to the persistent currency depreciation and 3. General increase in the cost of production.
On a year-on-year basis, in August 2022, the urban inflation rate was 20.95 %, this was 3.36% higher compared to 17.59 % recorded in August 2021.
On a month -on-month basis, the urban inflation rate was 1.79% in August 2022, this was a 0.03 % decline compared to July 2022 (1.82%).
The corresponding twelve-month average for the urban inflation rate was 17.59 % in August 2022. This was 0.4% higher compared to 17.19% reported in August 2021.
The rural inflation rate in August 2022 was 20.12% on a year-on-year basis. This was 3.69% higher compared to 16.43% recorded in August 2021.
On a month-on-month basis, the rural inflation rate in August 2022 was 1.75%, down by 0.06% compared to July 2022 (1.81%). The corresponding twelve-month average for the rural inflation rate in August 2022 was 16.58%. This was 0.55% higher compared to 16.03% recorded in August 2021.
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