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

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


While Nigeria’s year-on-year inflation rose for the seventh straight month to 20.52% in August 2022, the latest data from Nigeria’s National Bureau of Statistics shows that the month-on-month rate declined from 1.82% to 1.77% during the same period. The depreciation of the local currency, disruptions in the supply of food products, and an increase in the costs of production are said to be the factors behind 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 headline inflation for the month of August 2022 topped 20.52%. The latest rate is 3.51 percentage points higher than the 17.01% recorded in August 2021.

Trending: Banks Already Restricting Cash Withdrawals In USA?

With this latest surge, Nigeria has now seen its

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend