Nigeria‘s headline inflation hit high at 20.52 per cent in August 2022.
The National Bureau of Statistics diclosed this in its federal statistics office’ Consumer Price Index (CPI) report for the month of August 2022.
Making this disclosure in a tweet on its official Twitter page, NBS wrote: “Headline Inflation for August 2022 was 20.52%.”
The report stated that the value recorded for August indicated a growth rate of 20.52 percent on a year-on-year basis from 17.01 percent in August 2021.
Also on a month-on-month basis, inflation data represents a 0.08 percent increase from the 1.77 percent recorded in July 2022.
The report noted that the major factors affecting the inflation include; food prices, transportation/fuel, cost of production and currency value.
On food inflation, the report read, “The food inflation rate in August 2022 was 23.12 % on a year-on-year basis; which was 2.82% higher compared to the rate recorded in August 2021 (20.30%).
“On a month-on-month basis, the food inflation rate in August was 1.98%, this was a
0.07% decline compared to the rate recorded in July 2022 (2.04%). This decline is attributed to reduction in prices of some food items like Tubers, Garri, local rice and Vegetables.
“The average annual rate of food inflation for the twelve-month period ending August
2022 over the previous twelve-month average was 19.02%, which was a 1.48% decline
from the average annual rate of change recorded in August 2021 (20.50%).”
It was also observed that food inflation on a year-on-year basis was highest in Kwara (30.80%), Ebonyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest rise.
On the other hand, food inflation was highest in Anambra (3.05%), Ondo (2.92%) and Bauchi (2.78%), while Yobe (0.46%), Oyo (0.89%) and Delta (0.94%) recorded the slowest rise on month-on-month inflation.
