*The National Bureau of Statistics, in its latest CPI and Inflation Report, says聽 in August 2022, ‘the general price level was 3.52percent higher relative to August last year

Alexander Davis | 绿帽献妻

The National Bureau of Statistics (NBS), Thursday, September 15, 2022, revealed that Nigeria鈥檚 inflation rate rose to 20.52 percent August 2022.

The Bureau, in its latest report, titled, “CPI and Inflation Report August 2022”, stated that “in August 2022, on a year鈥搊n鈥搚ear basis, the headline inflation rate was 20.52 percent.

鈥淭his was 3.52 percent points higher compared to the rate recorded in August 2021, which was (17.01%).

“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e., August 2021).鈥�

The NBS explained this development means that “in August 2022, the general price level was 3.52% higher relative to August 2021.

“On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77%, this was 0.05% lower than the rate recorded in July 2022 (1.82%).”

It also said: 鈥淭his means that in August 2022 the headline inflation rate (month鈥搊n鈥搈onth basis) declined by 0.05%.

“The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.鈥漑do_widget id=heateor_sss_sharing-2