An Increase in Nigeria’s Inflation rate by 20.52%| NBS

Nigeria business report today; The National Bureau of Statistics (NBS) has on Thursday stated that Nigerian’s inflation rate has rose to 20.52% as of August 2022

In the Customer Price Index (CPI) and inflation August 2022 report, the Bureau made it clear that on a year to year basis of calculation Nigerian’s inflation rate is now 20.52 per cent

This is about 3. 52 per cent compared to last year inflation rate record which was at 17.01%. this is a clear indication to show that the inflation rate this year 2022 is higher when compared to last year 2021

Statistically, this shows that in August 2022 the general price level was 3.52 per cent which is relatively higher when compared to August 2021. The investment returns on a month-to-month basis calculation, the actual headline inflation rate in August 2022 was 1.77 per cent which is about 0.05%  lower than the recorded rate in July 2022 that was 1.82 per cent.

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This simply shows that the percentage change in the average CPI for the twelve months period which elapsed August 2022 over the average of the CPI for the previous year(12 months period) was 17.07 per cent, indicating about 0.47 per cent increase compared to 16.6 per cent recorded in August 2021

In same report, the urban inflation rate stood at 20.95%, which is 3.36% higher compared to 17.59 % recorded in August 2021. The rural inflation rate in August 2022 was 20.12% on a year-on-year basis, 3.69% higher compared to 16.43% recorded in August 2021.

Below are some states in the country with the highest inflation rates on food and other items

The inflation on food on a year-on-year basis was highest in Kwara (30.80%), followed by Ebonyi state (28.06%), Rivers (27.64%), whereas, Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest rise on year-on-year food inflation.

In August 2022, all items inflation rate on a year-on-year basis was highest in Ebonyi state with about (25.33%) increase, followed by Rivers (23.70%), Bayelsa (23.01%), whereas, Jigawa (17.30%), Borno (17.56%) and lastly Zamfara state (18.04%) which recorded the slowest rise in headline Year-on-Year inflation.

It is important to note, that the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road and Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing.

Also, reports by NBS, the rapid rise in food inflation was mainly caused by the increases in prices of bread and cereals, Food product, Potatoes, yam and other tuber, fish, meat, oil and fat.

However, the average annual rate of food inflation for the twelve-month period ending August 2022 over the previous twelve-month investment returns  average was 19.02%, which was about 1.48% decline from the average annual rate of change recorded in August 2021 (20.52%).

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