Nigeria’s inflation rate has surged to 20.25% according to the Consumer Price Index (CPI), marking a 17-year high stretching back to October 2005.
The CPI which measures the rate of change in the price of goods and services, was released by the National Bureau of Statistics (NBS) on Thursday, September 15, 2022, indicating an increase from the previous 19.64% recorded in July.
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According to the NBS, the rate is 3.52 per cent higher compared to 17.01 per cent recorded in August 2021, indicating a rush (year-on-year) in August 2022.
“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 per cent, this was 0.05 per cent lower than the rate recorded in July 2022 (1.82 per cent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 per cent,” the report reads.