The inflation rate surged to new record in August hitting 20.52%, the highest in 17 years, the National Bureau of Statistics (NBS) said in a report on Thursday.
This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%).
The headline inflation stood at 19.64% in July 2022.
The rising inflation is due to disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production, according to NBS.
The food inflation rate in August 2022 was 23.12 % on a year-on-year basis; which was 2.82% higher compared to the rate recorded in August 2021 (20.30%).This rise in the food inflation was caused by increases in prices of Bread and cereals, Food product n.e.c, Potatoes, yam and other tuber, fish, meat, oil and fat.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 17.20% in August 2022 on a year-on-year basis; up by 3.79% when compared to 13.41% recorded in August 2021.
In August 2022, all items inflation rate on a year-on-year basis was highest in Ebonyi (25.33%), Rivers (23.70%), Bayelsa (23.01%), while Jigawa (17.30%), Borno (17.56%) and Zamfara (18.04%) recorded the slowest rise in headline Year-on-Year inflation.
On a month-on-month basis, however, August 2022 recorded the highest increases in Anambra (2.78%), Ondo (2.53%), Nasarawa (2.40 %), while Yobe (0.68%), Borno (0.84%) and Zamfara (0.98%) recorded the slowest rise on month-on-month inflation.
In August 2022, food inflation on a year-on-year basis was highest in Kwara (30.80%), Ebonyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest rise on year-on-year food inflation.
On a month-on-month basis, however, August 2022 food inflation was highest in Anambra (3.05%), Ondo (2.92%) and Bauchi (2.78%), while Yobe (0.46%), Oyo (0.89%) and Delta (0.94%) recorded the slowest rise on month-on-month inflation.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.