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Nigeria’s Inflation Rate Rises To 20.52 Per Cent
Published Mar 24, 2023 IN Economy,
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NIGERIA’S inflation rate has surged further to 20.52 per cent, from 19.64 per cent recorded previously. This represented the highest rate since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic datThe recently released Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.52 per cent year-on-year. On a month-on-month basis, the index rose by 1.77 per cent, compared to the 1.82 per cent increase recorded in the previous month. Also, the urban inflation rate stood at 20.95%, which is 3.36% higher compared to 17.59 % recorded in August 2021. The rural inflation rate in August 2022 was 20.12% on a year-on-year basis, 3.69% higher compared to 16.43%.

The closely watched indicator, food inflation rose to 23.12%, 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. According to the NBS, the rise in food inflation was caused by 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 over the previous twelve-month average was 19.02%, which was a 1.48% decline from the average annual rate of change (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%. This was down by 0.17% when compared to 1.75%. Notably, 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.

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%), Ebonyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest rise on year-on-year food inflation.

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