Nigeria Losing it as Inflation Surges to 19-Year All-Time High at 20.52 Per Cent

• Nigeria’s inflation rate is at a 19-year high of 20.52 per cent, according to figures by NBS
• The inflation rate figure indicates the country over 2 per cent increase inflation in one month
• Data also reveal that food inflation is the primary driver and has surged more in some states than others

Nigeria’s inflation rate has spiked to another 20.52 per cent for August 2022, from 19.64 per cent recorded in July, data from the National Bureau of Statistics (NBS) said.

According Bloomberg, the newly published Consumer Price Index (CPI) report by NBS revealed that the country’s CPI surged by 20.52 per cent year-on-year in August 2022. However, monthly, the index went down by 1.77 per cent compared to the 1.82 per increase seen in the month before.

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Urban inflation stood at 20.95 per cent, a 3.36 per cent higher than August 2021. Rural inflation in August this year stood at 20.12 per cent on a year-on-year basis, leading to a 3.69 per cent rise compared to 16.43 per cent recorded in the same period last year.

Food inflation, the arrowhead

Food inflation rose to 23.12% in August 2022, representing a 1.1%-point increase compared to 22.02% recorded in the previous month.

According to the NBS, the rise in food inflation was due to increased prices of bread and cereals, food products, Potatoes, yam and other tubers, fish, meat, oil and fat.

States with the highest inflation rate

• Ebonyi: 25.33 per cent
• Rivers: 23.70 per cent,
• Bayelsa: 23.01 per cent

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States with the lowest inflation

• Jigawa: 17.30 per cent
• Borno: 17.56 per cent
• Zamfara: 18.04 per cent

States with the highest food inflation

• Kwara: 30.80 per cent
• Ebonyi: 28.06 per cent
• Rivers 27.64 per cent

States with the lowest food inflation

• Jigawa: 17.77 per cent
• Zamfara: 18.79 per cent
• Oyo 19.80 per cent

Nigeria’s inflation now at the highest level in 17 Years; Akwa Ibom, Ebonyi residents' worst hit

Legit.ng reported that Nigeria’s inflation rate in the month of July 2022 rose to its highest level in 17 years of 19.64%.

The National Bureau of Statistics revealed this in its latest Consumer Price Index (CPI) report for the month of July 2022, released on Monday.

The last time Nigeria’s inflation was above 19.64% was in September 2005, when it rose to 24.32%.

Source: Legit.ng