Nigeria's Consumer Price Index (CPI) which measures inflation, rose by 0.40 percentage points between July and August 2020 on a year-on-year basis and now stands at 13.22 percent.
This is Nigeria's highest inflation percentage since March 2018.
The 13.22 percent recorded in August is higher than the 12.82 percent recorded in July.
“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 NBS (Nigeria Bureau of Statistics) report reads.
“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.
“The composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020.”
According to the NBS, the 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.