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Inflation Rises To 20.52% In August As Food Prices Soar
The latest inflation rate just released by the National Bureau of Statistics (NBS) rose to 20.52 per cent from 19.64 per cent which it was in July 2022.
Food inflation rose to its highest level since October 2005 when it was 24.56 per cent, increasing by 110bps to 23.12 per cent from 22.02 per cent which it was in July.
Notably, the rise in food inflation was caused by increased prices of Bread and cereals, food products, potatoes, yams and other tubers, fish, meat, oil and fat.
On a month-on-month basis, food inflation settled at 1.98 per cent, relative to the 2.04 per cent month on month recorded in the previous month.
The Consumer Price Index just released by the NBS showed that the August year–on-year headline inflation rate at 20.52 per cent was 3.52 percentage points higher compared to the rate recorded in August 2021, which was 17.01 per cent.
This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year, meaning that in August 2022, the general price level was 3.52 per cent higher relative to August 2021.
The percentage change in the average CPI for the 12 months period ending August 2022 over the average of the CPI for the previous 12 months period was 17.07 per cent, showing a 0.47 per cent increase compared to 16.6 per cent recorded in August 2021.
Core inflation, which excludes the prices of volatile agricultural produce stood at 17.20 per cent in August 2022 on a year-on-year basis; up by 3.79 per cent when compared to 13.41 per cent recorded in August 2021.
On a month-on-month basis, the core inflation rate was 1.59 per cent in August 2022. This was down by 0.17 per cent when compared to 1.75 per cent recorded in July 2022.
The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing.