Breaking: Gloom as Nigeria’s inflation shoots up again

The consumer price index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. 

The National Bureau of Statistics (NBS) in its CPI and Inflation Report for August 2020 published on its website Tuesday in Abuja, it showed that the figure was 0.40 percentage points higher than the rate recorded in July 2020 (12.82 percent).

This is the twelve consecutive increase recorded in inflation figures. 

According to the statistics bureau, 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 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).

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 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020.

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