Inflation rate reaches all-time high at 20.52 percent – NBS

Nigeria's Inflation Rate rises to 17.33 per cent

The Nigerian Bureau of Statistics has said headline inflation climbed to a record high of 20.52 per cent in August.

This is contained in its Consumer Price Index (CPI) report for the month of August 2022 which was released on Thursday.

NBS wrote in a tweet that: “Headline Inflation for August 2022 was 20.52%.”, representing a 0.88 per cent increase from the 19.64 per cent recorded in July 2022.

Nigeria’s inflation rate reached a 17-year high of 19.64 per cent in July with food inflation rising to 22.02 per cent.

The NBS tied the July inflation increase to hike in the cost of bread and cereals, food items, potatoes, yams, and other tubers, as well as meat, fish, oil, and fat.

Nigeria‘s headline inflation climbed to a new high of 20.52 per cent in August, the National Bureau of Statistics posted on Thursday.