Nigeria’s Inflation Rate Increases To 20.52% In August 2022

Nigeria‘s Consumer Price Index (CPI) which estimates expansion moved to another level of 20.52 percent in August on a year-on-year premise.

The National Bureau of Statistics (NBS) in its expansion report for August 2022, Thursday said this was 3.52 percent focuses higher contrasted with the rate kept in August 2021, which was (17.01%).

The report showed that the title expansion rate expanded in the long stretch of August 2022 when contrasted with that very month in the former year (August 2021).

Intending that in August 2022, the general cost level was 3.52 percent higher comparative with August 2021.

On a month-on-month premise, the title expansion rate in August 2022 was 1.77 percent, which was 0.05 percent lower than the rate kept in July 2022 (1.82%).

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This intends that in August 2022 the title expansion rate (month-on-month premise) declined by 0.05percent.

The rate change in the normal CPI for the a year finishing August 2022 over the normal of the CPI for the past a year time frame as per NBS was 17.07 percent, showing a 0.47 percent increment contrasted with 16.60 percent kept in August 2021.

In August 2022, all thing’s expansion rate on a year-on-year premise was most elevated in Ebonyi (25.33%), Streams (23.70%), Bayelsa (23.01%), while Jigawa (17.30%), Borno (17.56%) and Zamfara (18.04%) kept the slowest ascent in title year-on-year expansion.

Food expansion on a year-on-year premise was most elevated in Kwara (30.80%), Ebonyi (28.06%), and Waterways (27.64%), while Jigawa (17.77%), Zamfara (18.79%), and Oyo (19.80%) recorded the slowest ascent on year-on-year food expansion the measurements office noted.