Report published by the National Bureau of Statistics has revealed that the headline inflation rate in August 2022 grew to 20.52% from 19.64% reported in July 2022.
This was 3.52 percentage points higher compared to the rate recorded in August 2021, which was (17.01%). This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).
Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021.
This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%. The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.
Source: Nigeria’s inflation rate hits 20.52% in August 2022- NBS – StocksWatch (stocksng.com)