BREAKING: Nigeria’s Inflation Rate Hits Record High

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SWITZERLAND, SEPTEMBER 15 – National Bureau of Statistics, Tuesday, disclosed that the nation’s inflation rate has recorded its highest increase so far this year, rising to 13.22 per cent in August.

The 13.22 per cent inflation rate is the highest since April 2018, the NBS data showed.

The NBS, in its latest consumer price index report, said, “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).”

The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the statistics office.

“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,” it added.

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