BREAKING: Nigeria’s Inflation Rate Surges By 0.40% In August, Highest Since 2018…Public Outcry might very well justified as the Consumer Price Index (CPI) report as released by the National Bureau of Statistics (NBS) has disclosed that Nigeria hit a 13.22% inflation rate in August, worse since March 2018 (13.24%).
The figure was evident in the hike in food items as it stood at 16% in August, in comparison to 15.48% in July 2020. This was attributed to increase in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats and Vegetables.
So far, sectors with the highest increase are passenger transport by air, hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment as seen from their prices
Core inflation also rose to 10.52% in August 2020, up by 0.42% points when compared with 10.1% recorded in July 2020. Other things affected includes Vehicle spare parts, Motor cars, Passenger transport by road, repair of furniture and paramedical services.
