National Bureau of Statics has reported that Nigerians are spending more and more of their earnings on food as inflation bits harder at 20.5 per cent in August. It said that in the report that food inflation rate in August 2022 was 23.12 per cent on a year-on-year basis; which was 2.82 per cent higher compared to the rate recorded in August 2021 (20.30%). This rise in the food inflation was caused by increases in prices of Bread and cereals, Food product n.e.c, Potatoes, yam and other tuber, fish, meat, oil and fat. On a month-on-month basis, the food inflation rate in August was 1.98 per cent, this was a 0.07 per cent decline compared to the rate recorded in July 2022 (2.04%). This decline is attributed to reduction in prices of some food items like Tubers, Garri, local rice and Vegetables. The average annual rate of food inflation for the twelve-month period ending August 2022 over the previous twelve-month average was 19.02 per cent, which was a 1.48% decline from the average annual rate of change recorded in August 2021 (20.50%)”.
It further said “in August 2022, all items inflation rate on a year-on-year basis was highest in Ebonyi (25.33%), Rivers (23.70%), Bayelsa (23.01%), while Jigawa (17.30%), Borno (17.56%) and Zamfara (18.04%) recorded the slowest rise in headline Year-on-Year inflation. On a month-on-month basis, however, August 2022 recorded the highest increases in Anambra (2.78%), Ondo (2.53%), Nasarawa (2.40 %), while Yobe (0.68%), Borno (0.84%) and Zamfara (0.98%) recorded the slowest rise on month-on-month inflation. In August 2022, food inflation on a year-on-year basis was highest in Kwara (30.80%), Eb- onyi (28.06%) and Rivers (27.64%), while Jigawa (17.77%), Zamfara (18.79%) and Oyo (19.80%) recorded the slowest rise on year-on-year food inflation. On a month-on-month basis, however, August 2022 food inflation was highest in Anam- bra (3.05%), Ondo (2.92%) and Bauchi (2.78%), while Yobe (0.46%), Oyo (0.89%) and Delta (0.94%) recorded the slowest rise on month-on-month inflation.
The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile ag- ricultural produce stood at 17.20% in August 2022 on a year-on-year basis; up by 3.79% when compared to 13.41% recorded in August 2021. On a month-on-month basis, the core inflation rate was 1.59% in August 2022. This was down by 0.17% when compared to 1.75% recorded in July 2022. The highest increases were recorded in prices of Gas, Liquid fuel, Solid fuel, Passenger transport by road, Passenger transport by Air, fuel and lubricants for personal transport equipment, Cleaning, Repair and Hire of clothing. The average 12-month annual inflation rate was 14.60% for the twelve-month period end- ing August 2022; this was 2.31% higher than the 12.29% recorded in August 2021.
NBS said that a 20.5 per cent inflation rate was recorded in Nigeria for the Month of August 2022. This implies that there was a 3.5 per cent general rise in prices go goods and services in the Month of August. According to NBS inflation reading “in August 2022, on a year–on- year basis, the headline inflation rate was 20.52 per cent. This was 3.52 per cent points higher compared to the rate recorded in August 2021, which was (17.01%). This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).
“Meaning that in August 2022, the general price level was 3.52% higher relative to August 2021. On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77 per cent, this was 0.05% lower than the rate recorded in July 2022 (1.82%). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%. The percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.
