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Nigeria’s consumer inflation rises to 20.52% in Aug from 19.64% in Jul ~NBS

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Nigeria‘s consumer inflation rose to a new high of 20.52 per cent in August on a year–on–year basis compared with 19.64 per cent in July 2022, according to the latest data from the National Bureau of Statistics (NBS) on Thursday.

The increase represents 3.52 per cent higher compared with the rate recorded in August 2021, which was 17.01 per cent.

The report showed that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year, that is August 2021.

On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 per cent, which was 0.05 per cent lower than the 1.82 per cent recorded in July 2022.

READ ALSO: Experts see inflation galloping as Kenya’s new president scraps petrol subsidy

This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 per cent.

The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07 per cent, showing a 0.47 per cent increase compared to 16.60 per cent recorded in August 2021.

The report explained that likely factors responsible for the increase in the annual inflation rate (year-on-year basis, were disruptions in the supply of food products.

NBS said the increase in import costs due to the persistent currency depreciation and the general increase in the cost of production also accounted for the rise.

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