August Inflation Reaches 29-Month Peak At 13.22%

By Emmanuel Aziken

Inflation level in Nigeria rose 13.22% to record a 29 month peak in August 2020, the National Bureau of Statistics has disclosed in its latest report on the Consumer Price Index, CPI.

The rate of inflation was a little below the 13.24% recorded in March 1998 and is 0.40% above the 12.82% recorded for July 2020 according to the NBS reports.

Inflation is defined as a quantitative measure of the rate at which the average price level of a basket of selected goods and services in an economy increases over some period of time.

Core inflation rose to 10.52% in August 2020, which was up by 0.42% points when compared with 10.1% recorded in July 2020.

According to the report, food inflation stood at 16% in August 2020, compared to 15.48% in July 2020.

The rise in the price of the food index was traced to increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats and Vegetables.

The highest increases were recorded in prices of passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment.

Others were Vehicle spare parts, Motor cars, Passenger transport by road, Repair of furniture and Paramedical services.

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