By John Ikani
The consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022, up from 19.64 percent in the previous month.
This represents the highest rate since September 2005, according to data released by the National Bureau of Statistics (NBS).
In its report titled, ‘CPI and Inflation Report August 2022’, the Bureau stated that Nigeria’s CPI rose by 20.52% year-on-year in August 2022. On a month-on-month basis, the index rose by 1.77% compared to the 1.82% increase recorded in the previous month.
Also, the urban inflation rate stood at 20.95%, which is 3.36% higher compared to 17.59 % recorded in August 2021. The rural inflation rate in August 2022 was 20.12% on a year-on-year basis, 3.69% higher compared to 16.43% recorded in August 2021.
The closely watched indicator, food inflation rose to 23.12% in August 2022, representing a 1.1%-point increase compared to 22.02% recorded in the previous month. 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 “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 17.20% in August 2022 on a year-on-year basis; up by 0.94% when compared to 16.26% recorded in July 2022.
On a month-on-month basis, the core inflation rate was 1.59% in August 2022. This was down by 0.17% when compared to 1.75% recorded in July 2022.
Notably, the highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing.