Nigeria’s Consumer Price Index which is used to measure the rate of inflation rose to 13.22 per cent in August, according to the National Bureau of Statistics.
The increase recorded is the biggest so far this year.
“The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”
The composite food index rose by 16 per cent in August, compared to 15.48 per cent in July, according to the NBS.
“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” it added.
The highest increase were recorded in prices of Passenger transport by air, Hospital services, Medical services, Pharmaceutical products, Maintenance and repair of personal transport equipment.
Others are Vehicle spare parts, Motor cars, Passenger transport by road, Repair of furniture and Paramedical services.