Nigeria's Inflation Rate Rises to 20.52% in August 2022

 

Alt: = "Nigeria food market"

Nigeria’s inflation rate has risen in August 2022 to 20.52%, from 19.64% recorded in the month of July. The latest inflation rate is the highest rate since September 2005, according to data by Nairalytics, a website that publishes Nigeria’s historical macroeconomic data.

According to data releases by National Bureau of Statistics (NBS), Nigeria’s Consumer Price Index, CPI rose by 20.52% year-on-year in August 2022. On a month-on-month basis, the index increased by 1.77% compared to the 1.82% increase recorded in the previous month.

The urban inflation rate also rose significantly reaching 20.95%, which is 3.36% higher than 17.59 %  recorded in same period in previous year. The rural inflation rate in August 2022 was 20.12% on a year-on-year basis, representing 3.69% increase against 16.43% recorded in August 2021.

Food inflation rose to 23.12% in August 2022, representing a 1.1%-point increase compared to 22.02% recorded in the previous month. On a month-on-month basis, the food inflation rate in July stood at 1.98%, this is 0.07% lower than 2.04% recorded in the previous month.

The NBS attributed the rise in food inflation increases in prices of bread and cereals, Food product, Potatoes, yam and other tuber, fish, meat, oil and fat.

Meanwhile, the average annual rate of food inflation for the twelve-month period ending August 2022 over the previous twelve-month average was 19.02%, which was a 1.48% decline from the average annual rate of change recorded in August 2021 (20.50%).

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 17.20% in August 2022 on a year-on-year basis; up by 0.94% when compared to 16.26% recorded in July 2022.

On a month-on-month basis, the core inflation rate was 1.59% in August 2022. This was down by 0.17% when compared to 1.75% recorded in July 2022.

Significantly, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing.

States with highest inflation rate

In August 2022, all items inflation rate on a year-on-year basis was highest in Ebonyi (25.33%), Rivers (23.70%), Bayelsa (23.01%), while Jigawa (17.30%), Borno (17.56%) and Zamfara (18.04%) recorded the slowest rise in headline Year-on-Year inflation.

Food inflation on a year-on-year basis was highest in Kwara (30.80%), followed by  Ebonyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest increase on year-on-year food inflation.

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