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Nigeria: Nigeria’s Inflation Records 7 Months Rise to 13.22 Percent in August

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by David O Royal

Nigeria’s inflation has recorded seven months (from February to August) rise to 13.22 percent in August.

Headline inflation rate stood at 12.20 percent in February from where it rose by 1.02 percent to 13.22 percent in August. When compared to 12.82 percent recorded in July 2020, inflation rate rose year-on-year (YoY) by 0.40 percent.

Similarly, in August, food inflation increased by 0.52 percent to 16 percent from15.48 percent in July. This was due to a rise in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

In its Consumer Price Index, (CPI) Report for August 2020, the National Bureau of Statistics (NBS) said:”The CPI which measures inflation increased by 13.22 percent (YoY) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

Increases were recorded in all COICOP divisions that yielded the Headline index.

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

“The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.

“On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).”

On food inflation it noted: “The composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020. 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.

“On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020.

“On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020. “

States with the highest YoY food inflation in August were Kogi (22.03 percent), Kwara (19.11 percent) and Edo (17.95 percent), while Gombe (14.33 percent), Kano (13.99 percent) and Bauchi (13.42 percent) recorded the slowest rise.

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