RISE IN PRICES OF BREAD, CEREAL, YAM, OTHERS ESCALATE NIGERIA’S INFLATION

Nigeria’s inflation has recorded seventh-month consecutive rise to 13.22 percent in August. Headline inflation rate stood at 12.2 percent in February from where it rose steadily every month to 13.22 percent in August. When compared to 12.82 percent recorded in July 2020, inflation rate rose year-on-year (YoY) by 0.40 percent. Similarly, in August, food inflation increased by 0.52 percent to 16 percent from15.48 percent in July.

This was due to a rise in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables.

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