Nigeria’s Inflation Rate Hits 13.24% In August

The consumer price index, (CPI) which measures inflation increased by 13.24% (year-on-year) in august 2020. This 0.40% higher than the rate of 12.82% recorded in july 2020.

According to the National Bureau of Statistics (NBS) via its official twitter handle, the Headline index increased by 0.40 percent in July 2020.

 

August 2020 CPI/Inflation report published @ https://t.co/zacCwlZd3B

YEAR on YEAR:
Headline Inflation at 13.22% in Aug 2020 from 12.82% in July 2020. Food inflation at 16.0% in July 2020 from 15.48% in July 2020. Core Inflation at 10.52% in Aug 2020 from 10.10% in July 2020 pic.twitter.com/qRwcAUGk8k

— Dr Yemi Kale (@sgyemikale) September 15, 2020

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.

The latest report explicitly means that the purchasing power of Nigeria on product keeps reducing and their capability to get the same quantity of goods keeps reducing.

However, it will be great to note that Inflation in Nigeria has been on the rise since August 2019 when the country shut its land borders with its neighbours to curb smuggling. It later became worse with the effect of the novel coronavirus on the global economy.