The National Bureau of Statistics (NBS), has said that inflation rate has increased by 13.22 percent (year-on-year) in August compared to the 12.82 percent rate recorded in July.
The NBS made this known in its Consumer Price Index (CPI), August 2020, published on its website.
The NBS explained that the increase recorded was 0.40 percent points higher, according to the consumer price index which measured inflation.
According to NBS, increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP), divisions that yielded the headline index.
“On a month-on-month basis, the Headline index increased by 1.34 percent in August 2020. This is 0.09 percent higher than the rate recorded in July 2020 (1.25 percent).
“The percentage change in the average composite CPI for the 12 months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020,” it stated.
The report stated that the urban inflation rate increased by 13.83 percent (year-on-year) in August from 13.40 percent recorded in July.
Meanwhile, the rural inflation rate increased by 12.65 percent in August from 12.28 percent in July.
On a month-on-month basis, the urban index rose by 1.42 percent in August, up by 0.15 from 1.27 percent recorded in July.
The rural index also rose by 1.27 percent in August, up by 0.04 from the rate recorded in July 2020 (1.23 percent).
“The corresponding 12-month year-on-year average percentage change for the urban index was 12.85 percent in August.
“This is higher than 12.66 percent reported in July, while the corresponding rural inflation rate in August was 11.66 percent compared to 11.49 percent recorded in July,” the report stated.
Also, the composite food index rose by 16.00 percent in August compared to 15.48 percent in July.
The rise, according to NBS, is caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils, and fats and vegetables.
On a month-on-month basis, the food sub-index increased by 1.67 percent in August, up by 0.15 percent points from 1.52 percent recorded in July.
Furthermore, the average annual rate of change of the Food sub-index for the 12-month period ending August over the previous 12-month average was 14.87 percent.
This represented a 0.24 percent points increase from the average annual rate of change recorded in July (14.63 percent).
All items less farm produce” (or core inflation), which excludes the prices of volatile agricultural produce, stood at 10.52 percent in August.
The rate recorded an increase of 0.42 percent compared to 10.10 percent recorded in July.
On a month-on-month basis, the core sub-index increased by 1.05 percent in August.
The increase was up by 0.30 percent when compared with 0.75 percent recorded in July.
The highest increases were recorded in prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance, and repair of personal transport equipment.
Others are vehicle spare parts, cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture, and paramedical services.
The average 12-month annual rate of change of the index was 9.64 percent for the period ending August.
This represented 0.16 percent points higher than 9.48 percent recorded in July.
All items index on a year-on-year basis was highest in Kogi recording 17.29 percent, Bauchi with 15.77 percent, and Ebonyi and Yobe with 14.71 percent each.
Meanwhile, recording the slowest rise in headline year-on-year inflation were Lagos (11.45 percent), Kwara (11.22 percent), and Abuja (11.17 percent).
On a month-on-month basis, however, all items inflation was highest in Ondo (2.20 percent), Ogun (2.07 percent), and Abia (1.87 percent).
Meanwhile, while Plateau (0.72 percent), Zamfara (0.60 percent) and Sokoto (0.54 percent) recorded the slowest rise in headline month-on-month inflation.