EHIME ALEX, Lagos
Nigeria’s headline inflation rose to 13.22 per cent in August, 2020, the National Bureau of Statistics has reported.
According to the data released by the NBS on Tuesday, the consumer price index (CPI), which measures inflation, increased by 0.40 per cent points higher than 12.82 per cent rate recorded in July 2020.
Increases were recorded in all COICOP divisions that yielded the headline index, the data shows.
On a month-on-month basis, inflation increased by 1.34 per cent in August 2020, a 0.09 or 1.25 per cent higher than the rate recorded in July 2020.
Average composite for the twelve months period ending August 2020 over the average for the previous twelve months period was 12.23 per cent, a 0.18 per cent point rose from 12.05 per cent recorded in July 2020.
Urban inflation rate increased by 13.83 per cent year-on-year in August 2020 from 13.40 per cent recorded in July 2020, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in July 2020.
On a month-on-month basis, the urban index rose by 1.42 per cent in the review month up by 0.15 from 1.27 per cent recorded in previous month, while the rural index also rose by 1.27 per cent, up by 0.04 or 1.23 per cent from the rate recorded in July 2020.
The data shows that the corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 per cent in August 2020, higher than 12.66 per cent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 per cent compared to 11.49 per cent recorded in July 2020.
On food index, the inflation rose by 16.00 per cent in August 2020 compared to 15.48 per cent in July 2020.
NBS stated that the 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.
On month-on-month basis, the food sub-index increased by 1.67 per cent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July 2020.
The average annual rate of change of the food sub-index for the twelve-month period ending August 2020 over the previous twelve-month average was 14.87 per cent, representing a 0.24 per cent points increase from the average annual rate of 14.63 per cent change recorded in July 2020.
The report further shows that core inflation, which excludes the prices of volatile agricultural produce, stood at 10.52 per cent in August 2020, up by 0.42 per cent when compared with 10.10 per cent recorded in July 2020.
On month-on-month basis, the core sub-index increased by 1.05 per cent in the review, relative to 0.30 per cent when compared with 0.75 per cent recorded in previous month.
The highest increases were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment, Vehicle spare parts, Motor cars, Passenger transport by road, Miscellaneous services relating to the dwelling, Repair of furniture and Paramedical services.
NBS added that the average 12-month annual rate of change of the index was 9.64 per cent for the 12-month period ending August 2020, which represents a 0.16 per cent points higher than 9.48 per cent recorded in July 2020.
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