Nigeria’s inflation rate has rises to 13.22 per cent, its highest this year, the National Bureau of Statistics (NBS) has said.
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“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).
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“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),” the NBS said in its latest consumer price index report.
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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.
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The report said the food index rise was caused by increases in prices of yam, fish, meat, fruits, oils and fats, bread and vegetables.