Economy

Nigeria’s inflation rate hits 20.5 per cent

A vendor poses as he counts Nigerian naira banknotes inside a shop in Idumota Market, in Lagos, Nigeria February 11, 2019. REUTERS-Nyancho NwaNri

Nigeria’s inflation rate surged to 20.5 per cent in the month of August, the highest since September 2005.

The inflation figure rose from 19.64 per cent recorded in July, according to details of the inflation report published by the National Bureau of Statistics (NBS) on Thursday.

The Consumer Price Index (CPI) report by the NBS showed that Nigeria’s CPI rose by 1.77 per cent on a month-on-month basis, compared to the 1.82 per cent increase recorded in the previous month.

The new inflation rate raises concerns in Africa’s biggest economy, placing pressure on the apex bank to increase interest rates.

The NBS said Thursday that the urban inflation rate stood at 20.95 per cent, which is 3.36 per cent higher compared to the 17.59 per cent recorded in August 2021.

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The rural inflation rate in August 2022 was 20.12 per cent on a year-on-year basis, 3.69 per cent higher compared to 16.43 per cent recorded in August 2021.

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