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

Ex- NNPC boss reels out 9-point agenda to unseat Obaseki

Abisola THOMPSON

LASG urges youths to serve as environment guards

Editor

WICKED: Jealous mother forces step-daughter to eat food mixed with menstrual blood

LASG urges Port stakeholders to support end to Apapa gridlock

Abisola THOMPSON

NMDPR harps on safety, compliance in downstream oil, gas operations  

Editor

Seplat donates STEAM Laboratories to boost Innovation in Schools  

Editor
Social Media Auto Publish Powered By : XYZScripts.com