Nigeria records highest inflation rate since 2005

Nigeria’s inflation rate has rapidly increased to 20.5 per cent in August, recording the highest inflation rate since September 2005. The figure rose from 19.64 per cent recorded in July, according to details of the inflation report published by the National Bureau of Statistics (NBS) on Thursday.

The Consumer Price Index (CPI) report by the NBS showed that Nigeria’s CPI rose by 1.77 per cent on a monthly basis, compared to the 1.82 per cent increase recorded in the previous month.

This new inflation rate raises concerns in Africa’s biggest economy, thereby placing pressure on the Central Bank of Nigeria to increase interest rates.

The NBS, on Thursday, said that the urban inflation rate stood at 20.95 per cent, which is 3.36 per cent higher compared to the 17.59 per cent recorded in August 2021.

The rural inflation rate in August 2022 was 20.12 per cent on a yearly basis, 3.69 per cent higher compared to 16.43 percent recorded in August 2021.