Inflation Skyrockets, Hitting 13.22% in August Says NBS

    0

    On Tuesday, September 15, 2020, the National Bureau of Statistics(NBS) reported that the annual inflation rate in Nigeria stood at 13.22per cent in August 2020, up from 12.82 per cent in July 2020.

    According to NBS, “The consumer price index, (CPI) which measures inflation increased by 13.22 per cent (year-on-year) in August 2020. This is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent).

    “Increases were recorded in all COICOP divisions that yielded the Headline index. On a month-on-month basis, the Headline index increased by 1.34 per cent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).

    “The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July 2020.

    “The urban inflation rate increased by 13.83 per cent (year-on-year) in August 2020 from 13.40 per cent recorded in July 2020, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in July 2020.

    “On a month-on-month basis, the urban index rose by 1.42 per cent in August 2020, up by 0.15 from 1.27 per cent recorded in July 2020, while the rural index also rose by 1.27 per cent in August 2020, up by 0.04 from the rate recorded in July 2020 (1.23 per cent).

    “The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 per cent in August 2020. This is higher than 12.66 per cent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 per cent compared to 11.49 per cent recorded in July 2020.”

    On food index, the report stated, “The composite food index rose by 16.00 per cent in August 2020 compared to 15.48 per cent in July 2020. This rise in the food index was caused by increases in prices of bread, cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables. On a month-on-month basis, the food sub-index increased by 1.67 per cent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July 2020.

    The average annual rate of change of the Food sub-index for the twelve-month period ending August 2020 over the previous twelve-month average was 14.87 per cent, representing a 0.24 per cent points increase from the average annual rate of change recorded in July 2020 (14.63 per cent).”

    The “All items less farm produce” (or Core inflation), which excludes the prices of volatile agricultural produce stood at 10.52 per cent in August 2020, up by 0.42 per cent when compared with 10.10 per cent recorded in July 2020.

    On a month-on-month basis, the core sub-index increased by 1.05 per cent in August 2020. This was up by 0.30 per cent when compared with 0.75 per cent recorded in July 2020.

    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, vehicle spare parts, motor cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture and paramedical services.

    The average 12-month annual rate of change of the index was 9.64 per cent for the twelve-month period ending August 2020.  This is 0.16 per cent points higher than 9.48 per cent recorded in July 2020.

    In August 2020, all items index on year on year basis was highest in Kogi (17.29per cent), Bauchi (15.77per cent) and Ebonyi and Yobe (14.71per cent), while Lagos (11.45per cent), Kwara (11.22per cent) and Abuja (11.17per cent) recorded the slowest rise in headline year on year inflation.

    On month on month basis, however, all items inflation was highest in Ondo (2.20per cent), Ogun (2.07per cent) and Abia (1.87per cent), while Plateau (0.72per cent), Zamfara (0.60%) and Sokoto (0.54per cent) recorded the slowest rise in headline month on month inflation.

    Food Inflation

    In August 2020, food inflation on a year on year basis was highest in Kogi (22.03per cent), Kwara (19.11per cent) and Edo (17.95per cent), while Gombe (14.33per cent), Kano (13.99per cent) and Bauchi (13.42per cent) recorded the slowest rise.

    On month on month basis, however, food inflation was highest in Ogun (3.27per cent), Lagos (3.13per cent) and Abia (2.81per cent), while Plateau (0.67per cent), Zamfara (0.24%) and Sokoto (0.13per cent), recorded the slowest rise.

    nigeria_news_access_bank_online

    Like and Share this:

    ADD YOUR COMMENT

    Please enter your comment!
    Please enter your name here