Nigeria’s inflation rate hits 20.5% in August

Nigeria’s headline inflation maintained its upward trend as it rose 20.52 percent in August 2022 on a year on year basis, Nigeria’s data agency, the National Bureau of Statistics (NBS) announced today.

This is higher than 19.64 percent it reached in July.

Headline inflation has risen steadily in the last nine months, a development that forced the Central Bank of Nigeria to raise the nation’s benchmark interest rate, the Monetary Policy Rate by 250 basis points from 11.5 percent to 14 percent between April and July this year.

On a state by state basis, Ebonyi, Rivers and Bayelsa states experienced the highest inflationary pressures in the country.

Read also:Inflation: Nigerians paying more for service despite cut in consumption

Inflation in August for the three aforementioned states stood at 25.33 percent; 23.70 percent, and 23.01 percent.

On the other hand, inflationary pressures were least in the northwest with Jigawa and Zamfara recording 17.30 percent and 18.04 percent respectively.

Another state where inflation was very low in August compared to the national average was Borno State where inflation was 17.56 percent.

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