Nigeria is currently facing hyper inflation as the latest inflation rate has recorded its biggest increase so far this year.
This is according to figures released by the National Bureau of Statistics (NBS) on Tuesday showing that it has risen to 13.22 per cent in August. 13.22 per cent inflation rate is the highest since April 2018.
The bureau, in its latest consumer price index report, said, “The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).
“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”
According to the NBS office, the composite food index rose by 16 per cent in August, compared to 15.48 per cent in July.
“This rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, oils and fats and vegetables,” the bureau added.