Thursday, December 1, 2022

Nigerians Lament As Inflation Rises to 20.52%

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Nigeria’s inflation rate rose to 20.52 percent in August 2022, the National Bureau of Statistics (NBS) has revealed.

It increased from 19.64% in July 2022 to 20.52% in August.

The “CPI Report August 2022,” which made this known explained that “ In August 2022, on a year –on- year basis, the headline inflation rate was 20.52%.”

This, according to the report, was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).

It added that “this shows 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).”

The report explained that likely factors responsible for the increase in annual inflation rate (year-on-year basis, were disruptions in the supply of food products.

NBS said the increase in import costs due to the persistent currency depreciation and the general increase in the cost of production was also accountable for the rise.

Photo Credit: Getty

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