Inflation Rate Rises To 13.22% In August

Business

Inflation rate increased by 13.22 percent in August, up from the 12.82 percent recorded in July, 2020.

The Consumer Price Index, which measures inflation released Tuesday by the National Bureau of Statistics (NBS) shows that on a month-on-month basis, the Headline index increased by 1.34 percent in August 2020.

Analysis of the report showed that 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.

The report showed that the composite food index rose by 16.00 percent in August 2020 compared to 15.48 percent in July 2020.

“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,” NBS explained.

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

The average annual rate of change of the Food sub-index for the twelve-month period ending August 2020 overtheprevioustwelve-monthaveragewas14.87 percent,representinga0.24percentpointsincrease from the average annual rate of change recorded in July 2020 (14.63 percent).

Meanwhile the ”All items less farm produce” (or Core inflation), which excludes the prices of volatile agricultural produce stood at 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.

On a month-on-month basis, the core sub-index increased by 1.05 percent in August 2020. This was up by 0.30 percent when compared with 0.75 percent recorded in July 2020.

“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 report revealed.

Daily trust

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