Breaking: Inflation Hits 20.52%

James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation rose to 20.52 per cent year on year in August compared to 17.01 per cent in the corresponding period in 2021,  the National Bureau of Statistics (NBS) said Thursday.

It said the 3.52 per cent rise indicated that the headline inflation rate increased in August 2022 when compared to the same month in the preceding year.

According to the CPI report for August 2022,  which was posted on the NBS website, food inflation stood at 23.12  per cent on a year-on-year basis in the period under review,  which was 2.82 per cent higher than the 20.30 per cent recorded in August 2021.

However, core inflation, which excludes the prices of volatile ag­ricultural produce stood at 17.20 per cent year on year in August,  up by 3.79 per cent when compared to 13.41 per cent recorded in August 2021.

Details later…