Nigeria’s headline inflation maintained its upward trend as it rose 20.52 percent in August 2022 on a year on year basis, Nigeria’s data agency, the National Bureau of Statistics announced today.
This is higher than 19.64 percent it reached in July. It is also the highest in 17 years.
Headline inflation has risen steadily in the last nine months, a development that forced the Central Bank of Nigeria to raise the nation’s benchmark interest rate, the Monetary Policy Rate by 250 basis points from 11.5 percent to 14 percent between April and July this year.
On a state by state basis, Ebonyi, Rivers and Bayelsa states experienced the highest inflationary pressures in the country. Inflation in August for the three afore-mentioned states stood at 25.33 percent; 23.70 percent, and 23.01 percent.
Explaining better, DR. Muda Yusuf chief executive officer of centre for the promotion of private enterprise had this to say.
