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Nigeria’s economic problems persist as inflation hits 13.22%, the highest since October 2016

Nigeria’s inflation rate has recorded its biggest increase since October 2016, rising to 13.22 per cent in August, the National Bureau of Statistics (NBS) said on Tuesday.

The 13.22 per cent inflation rate is the highest jump in recent times, the NBS data showed.

The NBS, in its latest consumer price index report revealed: “The consumer price index, 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).

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

The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

“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,” it added.

Nigeria’s economic challenges have been on the rise in recent times with unemployment, underemployment and poverty affecting tens of millions of Nigerians. The COVID-19 pandemic has also forced many businesses to close shops, throwing many breadwinners into the unemployment market.

The price of food commodities have also been rising steeply in the last few weeks with a 50kg bag of rice selling for more than N32, 000.00 in several markets across the country.