The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022, up from 19.64 percent in the previous month.
The rate is the highest since October 2005
The National Bureau of Statistics (NBS) said this in its consumer price index (CPI) report for August 2022, released on Thursday.
Nigeria’s Inflation Rate Surges To 20.52% — Highest In 17 Years
According to the bureau, the rate is 3.52 percent higher compared to 17.01 percent recorded in August 2021, indicating a rush (year-on-year) in August 2022.
In the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 percent,” the report reads.