Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months

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The consumer price index which measures inflation rose by 0.40 percentage points between July and August 2020 on a year-on-year basis, the highest increase recorded since October 2016.

The consumer price index (CPI) 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 National Bureau of Statistics said in a Report just released

The increases were driven by food, border closure and energy prices .

The Report further said 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 percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020,” the Report added.

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