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Nigeria’s inflation rate rises to 12.82% says New NBS report

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The consumer price index, which measures the rate of increase in the price of goods and services, rose to 12.82 percent in July 2020.

This is according to the inflation report released by the National Bureau of Statistics (NBS) on Monday.

According to the report:

“The consumer price index, (CPI) which measures inflation increased by 12.82 percent (year-on-year) in July 2020. This is 0.26 percent points higher than the rate recorded in June 2020 (12.56) percent,” the report read.

“The composite food index rose by 15.48 percent in July 2020 compared to 15.18 percent in June 2020.”

According to the bureau, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, oils and fats, and fish.

Core inflation, which excludes the price of volatile agricultural produce, stood at 10.10 percent; down 0.03 percentage points from the 10.13 percent recorded in June 2020.

The highest increases in the core inflation index were recorded in prices of medical services, passenger transport by air, pharmaceutical products, hospital services, passenger transport by road, maintenance and repair of personal transport equipment, paramedical services and vehicle spare parts

The urban inflation rate increased by 13.40 percent (year-on-year) in July 2020 from 13.18 percent recorded in June 2020, while the rural inflation rate increased by 12.28 percent in July 2020 from 11.99 percent in June 2020.

On a month-on-month basis, Adamawa was the only state in the country that recorded a general decrease in the price of food items while food inflation was highest in Zamfara (3.40 percent), Kogi (3.32 percent) and Yobe (3.00 percent) and lowest in Niger and Ogun (0.44%), Lagos (0.41%).

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