Banking Featured Finance

Nigeria’s inflation hits 20.52% in August  

Nigeria’s inflation hits 20.52% in August

The National Bureau of Statistics on Thursday said Nigeria‘s headline inflation climbed to a new high of 20.52 per cent in August on a year–on–year basis.
This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).
This is contained in the federal statistics office’ Consumer Price Index report for the month of August 2022.
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 (i.e.August 2021). Nigeria imports N155bn salt, local industries wobble

Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021.

On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77%, which was 0.05% lower than the rate recorded in July 2022 (1.82%).
This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%.
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%, showing a 0.47% increase compared to 16.60% recorded in August 2021.

Related posts

NSE opens February trading with N160bn loss

Abisola THOMPSON

JAMB directs candidates to print 2020 results slips

Our Reporter

Rising debt: DMO blames COVID-19, experts say borrowing from CBN dangerous 

Our Reporter

Don’t heat up polity, Arewa Youth group advises Miyetti Allah

Editor

FG putting security measures to safeguard passengers, rail infrastructure – NRC MD

Editor

5G deployment gets boost, CBN gives telcos forex priority

Our Reporter