Nigeria’s headline inflation reached a new record high in August as it hit 20.52% even as global inflation figures bites.
This situation for this according to the National Bureau of Statistic (NBS) was fuelled by the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production.
The headline inflation had a Year on Year (YoY) increase to 20.52% in August 2022 compared to the 19.64% YoY figure recorded in July 2022.
On the other hand, food and core inflation which excludes the prices of volatile agricultural produce YoY figure increased to 23.12% and 17.20% in August 2022 showing a 1.1% and 0.94% point rise when compared to 22.02% and 16.26% recorded in the previous month.
Month on Month (MoM), the rate of the inflation in Nigeria increased by 1.77% compared to the 1.82% recorded in the previous month due to decline in current month food index and relative stability in transportation cost.
On a month-on-month basis, the food inflation rate in July stood at 1.98%, this is 0.07% lower than 2.04% recorded in the previous month.
The rise in food inflation was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam and other tubers, meat, fish, oil.
The core inflation rate was 1.59% in August 2022 MoM. This was down by 0.17% when compared to 1.75% recorded in July 2022.