National Bureau of Statistics (NBS), said, Monday that the country’s consumer price index (CPI) which measures inflation rose by 0.40 percentage points between July and August 2020 on a year-on-year (y-o-y) basis.
The figure represents a four-year high as the highest increase recorded since October 2016.
According to the August CPI/Inflation report of the NBS, the rate of inflation reached 13.22 percent in August, an increase from the 12.82 percent recorded for July.
Inflation measures the rate at which the prices of goods and services increase over a period of time.
“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 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,” said the report.
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.
Core inflation, which excludes the prices of volatile agricultural produce, stood at 10.52 percent in August 2020, up by 0.42 percentage points when compared with 10.10 percent recorded in July 2020.
The highest increases were recorded in prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance and repair of personal transport equipment, vehicle spare parts, Motor cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture and paramedical services.
On a year-on-year basis, the rate of increase in the prices was recorded in Kogi (17.29 percent), Bauchi (15.77 percent), Ebonyi and Yobe (14.71 percent), while Lagos (11.45 percent), Kwara (11.22 percent) and Abuja (11.17 percent) recorded the slowest rise in headline year-on-year inflation.