Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months
- 15th September 2020
- Posted by: Hakeem
- Category: Economics
Nigeria’s Inflation rate rises to 13.22% in August 2020, highest recorded in 29 months since March 2018 (13.24%). This was contained in the recent Consumer Price Index (CPI) report, released by the National Bureau of Statistics (NBS).
The latest figure is 0.40% points higher than the rate recorded in July 2020 (12.82%).
Food inflation stood at 16% in August 2020, compared to 15.48% in July 2020. This rise in the food index was attributed to increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats and Vegetables.
Core inflation also rose to 10.52% in August 2020, up by 0.42% points when compared with 10.1% recorded in July 2020.
The highest increase were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment.
Others are Vehicle spare parts, Motor cars, Passenger transport by road, Repair of furniture and Paramedical services.