Nigeria’s inflation rate rose further to 13.22 per cent in August, the highest in 28 months, as a result of the spike in the prices of basic food items in recent times.
The continued rise in the inflation rate can also be attributed to the impact of oil prices on the global market and that of the deadly coronavirus on the global economy.
The latest report on the consumer price index (CPI) by the National Bureau of Statistics (NBS) on Tuesday showed the inflation rate for the month rose by 0.40 percentage point, from 12.82 per cent attained in July.
According to the report, the composite food index rose by 16.00 per cent in August 2020 compared to 15.48 per cent 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.”
Indicating the impact of food prices, core inflation, which excludes the prices of volatile agricultural produce, stood at 10.52 per cent in August 2020, up by 0.42 per cent when compared with 10.10 per. ent 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 stated
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