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The consumer prices index for August which was just released by the National Bureau of Statistics shows a 13.22 per cent (year on year) increase. On the monthly rating, it is higher by 0.40 per cent points against July 2020. Below is a further analysis of the top segments of the CPI in August which is a measurement means for inflation rates in Nigeria.
Inflation Rates recorded in Nigeria in August
Headline index – All classification of the individual consumption by purpose, COICOP further make up the Headline index. There was a 1.34 per cent increase recorded in August 2020 on the Headline index as against the previous month which was 1.25 per cent.
Average composite CPI – The percentage change in the average composite CPI taken for the 12 months period ending August 2020 against that of the previous 12 months period was 12.23 per cent. This represents a 0.18 per cent point rise from 12.05 per cent recorded in July 2020.
Composite Food Index – This reflects the issues of affordability, availability, and quality across the country rose by 16.00 per cent in August 2020 in comparison to the rate in July which was 15.48 per cent. This was the effect of an increase in the prices of a number of major food items.
Core inflation – Otherwise known as the ”All items less farm produce” went up to a 10.52 per cent in August 2020. This is a 0.42 per cent rise when placed on the side with 10.10 per cent rate of July. This does not include the prices of unstable agricultural produce.
Data used to compute the CPI is gathered from 740 goods and services in constant demand by analysts and economists. Fields that the saw the most increase are:
Prices of passenger transport by air and road
Hospital services
Paramedical services
Medical services
Pharmaceutical products
Maintenance and repair
Vehicle spare parts
Motor cars
Miscellaneous services
Food Inflation in August by States in Nigeria on a year on year basis
Kogi, 22.03%
Kwara, 19.11%
Edo, 17.95%
Gombe, 14.33%
Kano, 13.99%
Bauchi, 13.42%
Food Inflation in August by States in Nigeria on a monthly basis
Ogun 3.27%,
Lagos, 3.13%
Abia, 2.81%
Plateau, 0.67%
Zamfara, 0.24%
Sokoto, 0.13%
Looking at the annual rate of change on the CPI over an average of 12 months which ended in August 2020 is 9.64 per cent. In July, 9.48 per cent change in CPI was recorded. Further detail of the CPI can be found on the sub-index data on the revised CPI.
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