Nigeria’s Inflation Rate Hit 20.5 percent In August

Nigeria’s Inflation Rate Hit 20.5 percent In August

Nigeria’s Inflation Rate Hit 20.5 percent In August. 

Nigeria’s inflation rate hit the 20.5 percent point in the month of August, the highest since September 2005.

The inflation figure rose from 19.64 per cent recorded in July, according to details published published by the National Bureau of Statistics (NBS) on Thursday.

According to the report, Nigeria’s Consumer Price Index (CPI) showed a CPI rise of 1.77 percent on a monthly basis compared to a 1.82 percent increase recorded in the previous month.

The NBS said Thursday that the urban inflation rate stood at 20.95 per cent, which is 3.36 per cent higher compared to the 17.59 per cent recorded in August 2021.

The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis, 3.69 per cent higher compared to 16.43 per cent recorded in August 2021.

These new inflation rate figures are raising concerns in Africa’s biggest economy, placing pressure on the apex bank to increase interest rates.

Source | Choc News


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