The consumer price index (CPI), which measures the rate of change in prices of goods and services, has risen to 20.52 percent in August 2022, higher than the 19.64 percent obtained in October.
This rate is the highest obtained since October 2005.
The National Bureau of Statistics (NBS) said this in its consumer price index (CPI) report for August 2022 that was released on Thursday.
According to the bureau, the rate is 3.52 percent higher than the 17.01 percent recorded in August 2021, bizpoint.ng reports.
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
Part of the report says, “On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 percent, this was 0.05 percent lower than the rate recorded in July 2022 (1.82 percent). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05 percent”.
