The Consumer Price Index (CPI) for Nigeria rose sharply to 20.52 percent in August 2022, from the 19.64 percent recorded the previous month.
This is the highest rate in in twenty years, surpassing even October 2005’s record high.
This is according to the Consumer Price Index (CPI) report for August 2022 that was released on Thursday by the National Bureau of Statistics (NBS).
Compared to the rate recorded in August of 2021 (17.01%), the latest figure reported by NBS shows a 3.52 percentage point increase.
All COICOP (consumption on a personal basis) categories that contributed to the overall index showed growth, the report said.
August 2022’s headline inflation rate was 1.77 percent, down from 1.79 percent in July 2022. (1.82 percent). According to the data, headline inflation fell by 0.05 percent from July to August 2022.
According to the Bureau of Labor Statistics, “the average CPI for the twelve months ending in August 2022 showed a percentage change of 17.07 percent over the average of the CPI for the preceding twelve months period, demonstrating a 0.47 percent gain compared to August 2021’s 16.60 percent.”
According to the report’s findings, food inflation reached 23.12% in August 2022, up from 20.30% the year before.
Bread and cereals, food products like potatoes, yam, and other tubers, fish, meat, oil, and fat all contributed to the rise in food inflation, it said.
Monthly food price inflation was 1.98 percent in August, down from 2.07 percent in July (2.04 percent).
Some food items, including tubers, garri, local rice, and vegetables, have seen price drops, which has contributed to the overall decrease.
Food inflation for the year ending in August 2022 was 19.02 percent, down from 20.50 percent in August 2021.
According to the report’s analysis of state-level price changes, Anambra and Ondo had the most significant increases and decreases, respectively.
Kwara (30.80%), Ebonyi (28.06%), and Rivers (27.64%) had the biggest year-over-year increases in food prices in August 2022, while Jigawa (17.77%), Zamfara (18.79%), and Oyo (19.80%) had the lowest.
Food inflation in August 2022 was highest in Anambra (3.15%), Ondo (2.92%), and Bauchi (2.78%), and lowest in Yobe (0.46%), Oyo (0.89%), and Delta (0.94%).
