UPDATED: Nigeria’s inflation hits 13.22%, records biggest monthly increase in 2020

The nation ’s inflation rate has recorded its biggest increase so far this year , rising to 13 . 22 per cent in August , the National Bureau of Statistics said on Tuesday .

The 13 .22 per cent inflation rate is the highest since April 2018, the NBS data showed .

The NBS , in its latest consumer price index report , said , “The consumer price index, which measures inflation increased by 13 .22 percent ( year -on -year ) in August 2020 . This is 0 .40 percent points higher than the rate recorded in July 2020 ( 12 .82 percent ) .

“On a month- on- month basis , the headline index increased by 1 .34 percent in August 2020. This is 0 .09 per cent higher than the rate recorded in July 2020 ( 1 .25 per cent ) . ”

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The composite food index rose by 16 per cent in August , compared to 15 .48 per cent in July , according to the statistics office .

“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 ,” it added .

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