Nigeria's Consumer Price Index (CPI) which measures inflation, increased by 13.22% (year-on-year) in August 2020. This is 0.4% points higher than the rate recorded in July 2020 (12.82%).
Inflation rose by 13.22% in August, higher than the rate (12.82%) recorded in July 2020, and 12.56% in June 2020, rising for the eleventh (from October 2019 to date) consecutive month and being the highest rate recorded since April 2018.
The composite food index rose by 16% in August 2020 compared to 15.48% in July 2020. The rise in the food index was caused by increases in prices of Bread and cereals, potatoes, Fish, Fruits, Meat, Oils and fats, Vegetables, Yam and other tubers.
The ''All items less farm produce'' or Core inflation, which excludes the prices of volatile agricultural produce increased by 0.42% to 10.52% in August 2020, from 10.10% recorded in July 2020.
The CPI takes into account the average change over time in the prices of goods and services consumed by people for day-to-day living.
Data Source: Nigeria Bureau Statistics
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