Nigeria’s inflation rate surged to 20.5 percent in the month of August, the highest since September 2005.
The inflation figure rose from 19.64 percent 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 percent on a month-on-month basis, compared to the 1.82 percent increase recorded in the previous month.
The new inflation rate raises concerns in Africa’s biggest economy, placing pressure on the apex bank to increase interest rates.
The NBS said Thursday that the urban inflation rate stood at 20.95 percent, which is 3.36 percent higher compared to the 17.59 percent recorded in August 2021.
The rural inflation rate in August 2022 was 20.12 percent on a year-on-year basis, 3.69 percent higher compared to 16.43 percent recorded in August 2021.
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