Nigeria’s inflation rate rose to 13.22 per cent in August, according to latest figures released by the National Bureau of Statistics on Tuesday.
The inflation rate for August was the biggest increase so far this year.
Also, the 13.22 per cent inflation rate is the highest recorded since April 2018.
Parts of the NBS report read, “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).”
Also, the composite food index rose by 16 per cent in August, from 15.48 per cent in July.
“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,” the NBS report explained.