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Inflation: Nigeria Records Biggest Rate Since 2018

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Tobi Adebayo 

The National Bureau of Statistics has said that Nigeria’s inflation rate has recorded its biggest increase so far in 2020

The NBS disclosed this in its latest consumer price index report on Tuesday and said it rose to 13.22 per cent in August 2020, which is the highest since April 2018.

“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 composite food index rose by 16 per cent in August, compared to 15.48 per cent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” the report read.

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