Nigeria’s Inflation Further Rises In August- CPI
The consumer price index (CPI) which measures inflation increase has recorded a 13.22 per cent (year-on-year) for the month of August 2020.
The increases were driven by food, border closure and energy prices .
The Report further said increases were recorded in all COICOP divisions that yielded the Headline index
” On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).
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 added.
, the National Bureau of Statistics said in a Report){kind=link}