On Tuesday, data released by the National Bureau of Statistics (NBS) showed that Nigeria’s inflation rate recorded its biggest this year rising to 13.22% in August.
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)
The consumer price index, which measures inflation increased by 13.22 per cent (year-on-year) in August 2020. This is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent).
On a month-on-month basis, the headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).
According to NBS, the rise in the food index was caused by increased prices of food commodities.
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 added.
The highest increases were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment, vehicle spare parts, Motor cars, Passenger transport by road, Miscellaneous services relating to the dwelling, Repair of furniture and Paramedical services,” the report stated
The inflation rate is also spurred by the outcome of oil prices on the global market, the ravaging pandemic as well as the closure of borders for importation.