Business

Nigeria’s Headline Inflation Rises To 13.22% In August

Nigeria’s headline inflation rose to 13.22% in August 2020 from 12.82% in July 2020, the highest since March 2018.

The National Bureau of Statistics made the disclosure in its Consumer Price Index (CPI)/Inflation Report for August 2020 published Tuesday morning.

The bureau also disclosed that food inflation rose to 16.0% in August 2020 from 15.48% in July 2020.

Similarly, it said core inflation rose to 10.52% in August 2020 from 10.10% in July 2020.

“On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent),” the NBS said.

“The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020.

“The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.

“On a month-on-month basis, the urban index rose by 1.42 percent in August 2020, up by 0.15 from 1.27 percent recorded in July 2020, while the rural index also rose by 1.27 percent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 percent).

“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 percent in August 2020. This is higher than 12.66 percent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 percent compared to 11.49 percent recorded in July 2020.”

In August 2020, the bureau said all items index on year-on-year basis was highest in Kogi (17.29%), Bauchi (15.77%) and Ebonyi and Yobe (14.71%), while Lagos (11.45%), Kwara (11.22%) and Abuja (11.17%) recorded the slowest rise in headline year-on-year inflation.

On month-on-month basis, however, it said all items inflation was highest in Ondo (2.20%), Ogun (2.07%) and Abia (1.87%), while Plateau (0.72%), Zamfara (0.60%) and Sokoto (0.54%) recorded the slowest rise in headline month on month inflation.

In August 2020, the NBS said food inflation on a year-on-year basis was highest in Kogi (22.03%), Kwara (19.11%) and Edo (17.95%), while Gombe (14.33%), Kano (13.99%) and Bauchi (13.42%) recorded the slowest rise.

“On month-on-month basis however, food inflation was highest in Ogun (3.27%), Lagos (3.13%) and Abia (2.81%), while Plateau (0.67%), Zamfara (0.24%) and Sokoto (0.13%), recorded the slowest rise,” it added.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

According to the bureau, the construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

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