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Nigeria’s inflation up 13.22 per cent as food prices skyrocket

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Nigeria’s inflation rose to 13.22 per cent in August as food prices rose significantly amid flooding, border closure and scarcity of dollar.

The National Bureau of Statistics said Tuesday that the consumer price index, which measures inflation, increased by 13.22 percent in August 2020.

This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent), it noted.

“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent),” the NBS said in its report.

The report showed that composite food index rose by 16 per cent in August, compared to 15.48 per cent in July.

Rising Prices

The rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables, NBS added.

As flood wreaks havoc in agrarian communities across Nigeria, food prices continue to skyrocket even as dollar becomes scarce for importers of raw materials.

On Friday, Nigerian bakers threatened to increase the prices of bread as high cost of baking ingredients and forex scarcity affect their businesses.

 

Details later…

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