By TechnocratMedia
The National Bureau of Statistics (NBS) says consumer price inflation (CPI) has risen to 20.52 per cent in the country.
This is contained in the NBS monthly CPI report, released on its website on Thursday in Abuja.
According to the report, in August 2022, on a year-on-year basis, the headline inflation rate was 20.52 per cent.
“In August 2022, on a year–on–year basis, the headline inflation rate was 20.52%. This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).
“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021),” the report indicated.
“Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021.
“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77%, this was 0.05% lower than the rate recorded in July 2022 (1.82%).
“This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%.
“The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021,” NBS said.
In June, the World Bank warned that the country’s rising inflation rate will push millions of citizens into poverty in 2022.