Nigeria’s Inflation rate surged to 20.5 percent in August 2022, the highest it has been in the last 17 years.
According to the National Bureau of Statistics, Nigeria’s inflation increased from 19.64 percent in July, to 20.5 percent in August. The highest inflation rate has been in Nigeria since 2005, News About Nigeria reports.
The National Bureau of Statistics (NBS) disclosed that the urban inflation rate stood at 20.95%, which is 3.36% higher if compared to the 17.59 % recorded in August 2021.
Similarly, the rural inflation rate in August 2022 was 20.12 percent on a year-on-year basis, 3.69 percent higher compared to the 16.43 percent recorded in August 2021.
Consumable goods are the most affected by inflation with food products which include bread, cereal, potato, meat, oil and fat, yam and other tubers taking the biggest blow.
The incessant rise in the price of goods and commodities has therefore left many Nigerians with weakened purchasing power.
Investors King gathered that the salaries of many Nigerians could no longer be sufficient to buy household goods.
The National Bureau of Statistics reported that food inflation rose to 23.12 percent in August 2022, representing a 1.1%-point increase compared to 22.02 percent recorded in the previous month.
Core inflation which excludes the prices of volatile agricultural produce stood at 17.20 percent in August 2022 on a year-on-year basis; up by 0.94 percent when compared to 16.26 percent recorded in July 2022.
In a general context, the highest increase was recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, Cleaning, Repair and Hire of clothing.
Meanwhile, on a year-to-year basis, Ebonyi recorded the highest inflation rate in August with 25.33 percent on All Items Inflation and 30.80 percent on Food Inflation. Rivers State followed suit with 23.70 percent on All Items Inflation and 27.64 percent on Food Inflation.
On the other hand, Jigawa State recorded the lowest inflation rate with 17.30 percent on All Items Inflation and 17.77 percent on Food Inflation.
