Nigeria: Inflation rises to over two-year high in August
September 15, 2020
Consumer prices rose 1.34% over the previous month in August, slightly above the 1.25% increase seen in July. August’s reading marked the sharpest increase in prices in over three years and was largely driven by higher prices for food.
Inflation increased to 13.2% in August, marking the highest reading since March 2018 (July: 12.8%). As a result, it moved further above the Central Bank’s target range of 6.0%–9.0%. Meanwhile, annual average inflation inched up to 12.2% in August (July: 12.1%).
Moreover, core consumer prices, which exclude volatile agricultural produce, rose 1.05% over the previous month in August, higher than July’s 0.75% increase. Lastly, core inflation increased to 10.5% in August, after having remained stable at 10.1% during the previous three months.