Nigerian Inflation Rate Rises to 20.52% in August — Month-on-Month Rate Drops

While Nigeria’s year-on-year ostentation roseate for the seventh consecutive period to 20.52% successful August 2022, the latest information from Nigeria’s National Bureau of Statistics shows that the month-on-month complaint declined from 1.82% to 1.77% during the aforesaid period. The depreciation of the section currency, disruptions successful the proviso of nutrient products, and an summation successful the costs of accumulation are said to beryllium the factors down the latest increase.

Currency Depreciation Driving Inflation

According to the latest data from Nigeria’s National Bureau of Statistics (NBS), the West African country’s header ostentation for the period of August 2022 topped 20.52%. The latest complaint is 3.51 percent points higher than the 17.01% recorded successful August 2021.

With this latest surge, Nigeria has present seen its year-on-year (YoY) ostentation summation for the seventh consecutive month. According to the statistical body, the depreciation of the section currency is 1 of the main factors that caused the YoY ostentation complaint to surge.

As reported by Bitcoin.com News, the Nigerian currency’s speech complaint against the U.S. dollar plunged to a caller debased successful precocious July 2022. While the country’s cardinal slope has blamed speculators for their relation successful undermining the section currency, immoderate economists reason that the ongoing shortage of overseas currency is mostly to blame.

Besides the currency depreciation, the NBS besides pointed to disruptions successful the proviso of nutrient and the summation successful wide accumulation costs arsenic the different factors that caused the YoY ostentation complaint to rise.

Month-on-Month Inflation Declines

However, contempt the latest surge successful the country’s YoY inflation, the NBS information suggests the month-on-month ostentation dropped marginally from the 1.82% seen successful July 2022 to 1.77% successful August 2022. Concerning the country’s user terms scale (CPI), the statistical assemblage said:

The percent alteration successful the mean CPI for the 12 months play ending August 2022 implicit the mean of the CPI for the erstwhile 12 months play was 17.07%, showing a 0.47% summation compared to 16.60% recorded successful August 2021.

Meanwhile, the NBS information shows that the YoY ostentation complaint successful municipality Nigeria (20.95%) was marginally higher than successful agrarian Nigeria (20.12%). On a month-to-month basis, the agrarian ostentation complaint dropped by 0.06% from 1.81% successful July 2022 to 1.75% successful August 2022, portion the municipality complaint lone went down by 0.03%.

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