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The Nigerian Bureau of Statistics (NBS) has released its Consumer Price Index/inflation report. The CPI is used to monitor the movement of prices for Food and other goods within the country.
Inflation rate continues to rise as NBS report headline inflation rose to 13.22% in August 2020 on a Year-on-Year basis. In the previous month, July, inflation was pegged at 12.82%.
Meanwhile, Food inflation rose to 16.0% in July 2020 from 15.48% in July 2020. NBS also disclosed that Core inflation was 10.52% in August 2020 from 10.10% in July 2020 - all on a Year-on-Year basis.
The report revealed that, on Month-on-Month, Headline Inflation pegged "at 1.34% in August 2020 from 1.25% in July 2020. Food inflation at 1.67% in August 2020 from 1.52% in July 2019. Core Inflation at 1.05% in August 2020 from 0.75% in July 2020.
Rural/Urban Year-on-Year: Urban (13.83% from 13.40%); Rural (12.65% from 11.28%);
Rural/Urban Month-on-Month: Urban(1.42% from 1.27%); Rural (1.27% from 1.23%).
Inflation was highest in the following states; Kogi, Bauchi, Ebonyi and Yobe, Lagos, Kwara, Abuja respectively. Meanwhile, on a Month-on-month basis; Ondo, Ogun, Abia, Plateau, Zamfara, Sokoto respectively.
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