Nigeria’s inflation soars past 13%

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The nation’s inflation rate has recorded its biggest increase so far this year, rising to 13.22 per cent in August.

  National Bureau of Statistics (NBS) stated this today.

  According to NBS, 13.22 per cent inflation rate is the highest since April 2018 in its latest consumer price index.

  “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). On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent). 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,” the report said.

SEE ALSO:  COVID-19 raises Nigeria inflation to over 12 per cent

  The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

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