Hyper inflation! ....Nigeria’s inflation rate hits 13.22%, highest since 5 years — Nigerian Pilot News
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Hyper inflation! ….Nigeria’s inflation rate hits 13.22%, highest since 5 years

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*Food inflation rose to 16% in August against 15.48% in July 2020

*Increases in prices of bread, cereals, potatoes, yam, other tubers

*Prices of meat, fish, fruits, oils, fats, vegetables also increased

AS Nigerians continue to groan under harsh economy caused by the outbreak of COVID-19 pandemic, the latest data released by the National Bureau of Statistics, NBS yesterday shows that inflation rate increased by 13.22 per cent in August this year.

The percentage, according to NBS, is highest in the last five years (October 2016 to August 2020) as consumer price index, CPI, which measures inflation rates increased by 13.22 per cent within the period.

This, according to the date is 0.40 per cent points higher than the rate recorded in July 2020 (12.82 per cent).

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It disclosed that while food inflation rose to 16 per cent in August compared to 15.48 per cent in July, core inflation also rose to 10.52 per cent during the period under review, up by 0.42 percentage points when compared with 10.1 per cent recorded in July.

Increases were recorded in all COICOP divisions that yielded the headline index while on a month-on-month, m-o-m, basis, the headline index increased by 1.34 per cent in August 2020, which represents a 0.09 per cent higher than the rate recorded in July (1.25 per cent).

The percentage change in the average composite CPI for the 12 months period ending August 2020 over the average of the CPI for the previous 12 months period was 12.23 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July 2020.

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

On m-o-m 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 while the rural index also rose by 1.27 per cent in August 2020, up by 0.04 from the rate recorded in July (1.23 per cent).

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

On the food index, the composite food index rose by 16.00 per cent in August 2020 compared to 15.48 per cent in July that was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 per cent points from 1.52 per cent recorded in July.

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 (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 percent when compared with 10.10 per cent recorded in July.

On m-o-m basis, the core sub-index increased by 1.05 per cent in August 2020 up by 0.30 per cent when compared with 0.75 per cent recorded in July.

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 which is 0.16 per cent points higher than 9.48 per cent recorded in July.

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

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

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

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

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