Business

Again, Nigeria’s inflation rises by 13.22% in August

Published

5 years ago

September 15, 2020

Nigeria’s inflation rate falls to 18.02% in September, signals relief for consumers

OBINNA EZUGWU

The Consumer Price Index (CPI), which measures inflation, increased by 13.22 per cent (year-on-year) in August compared to 12.82 per cent in the preceding month, the National Bureau of Statistics (NBS) stated in a report on Tuesday.

The report attributed the 0.40 per cent points increase was to increases in all the parameters that determine the headline index.

According to the report, inflation increased by 1.34 per cent in the review period, representing 0.09 per cent rise compared to 1.25 per cent in July.

The NBS stated that the percentage change in the average composite CPI for the 12-month period ending August over the average of the CPI for the previous 12 months period was 12.23 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July.

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