Nigeria’s inflation rose to the 20 percent mark in August 2022, reflecting the rising cost of living crisis facing Nigerian families and firms, The Punch newspaper reports on Friday.
The newspaper reports said this was the biggest inflation numberssince October 2005 with the cost of food hitting 23.12 percent on a year-on-year basis, representing a 2.82 percent increase from 20.30 percent in August 2021.
On a month-on-month basis, inflation rose to 20.52 percent in the month of August, from 19.64 percent in July, the newspaper said quoting the latest Commodity Price Index report published by the National Bureau of Statistics on Thursday.
The CPI measures the average monthly change in the prices of goods and services in a nation.
According to the NBS, the inflation rate was 3.52 percent points higher compared to the rate recorded in August 2021, which was 17.01 percent.
This means that in August 2022, the general price level was 3.52 percent higher relative to August 2021.
The percentage change in the average CPI for the 12-month period ending August 2022 over the average of the CPI for the previous 12- month period was 17.07 percent, showing a 0.47 percent increase compared to 16.60 percent recorded in August 2021.
According to the statistics body, the Increases were recorded in all classifications of individual consumption by purpose divisions that yielded the headline index.
WN/as/APA