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Nigeria’s inflation rate surpasses 13 percent in August 2020

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The National Bureau of Statistics (NBS) has said that Nigeria’s year-on-year consumer price index (CPI), which measures inflation, increased to 13.22 percent in August 2020.

The NBS, in its monthly report of the CPI on Tuesday, 15 September 2020, said in Abuja that the figure was 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent). It noted that on a month-on-month basis, the Headline Index increased by 1.34 percent in August 2020, representing 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).

It explained that the year-on-year urban inflation rate increased by 13.83 percent in August 2020, from 13.40 percent recorded in July 2020. The rural inflation rate increased by 12.65 percent in August 2020, from 12.28 percent in July 2020.

According to the report, increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

“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,” it added.

-APA

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