The cost of living in Nigeria skyrocketed last month when food inflation hit its highest rate in almost 17 years in August, after rising to 23.12%, with Nigeria’s inflation rate surging to 20.52% in the same month.
The Nigerian inflation rate had closed July at 19.64%, indicating a 0.8 percent growth, according to the Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS).
Nigeria’s inflation was driven by the hike in food prices, after cost of bread and cereals, fish, meat, oil and fat, as well as Potatoes, yam and other tuber, skyrocketed last month, raising food inflation from 22.02% recorded in July.
National Bureau of Statistics also disclosed that urban inflation rate soared to 20.95% last month, in contrast to the 17.59 % recorded during the corresponding period August 2021.
The rural inflation rate followed the same path, rising to 20.12%, against the 16.43% reported in August 2021. This is a 3.69% year-on-year growth.
In the same vein, Core inflation, which excludes farm produce, increased to 17.20% last month, from 16.26% recorded in July this year, on the back of hike in prices of Gas, Liquid fuel, Solid fuel.
Road and air transport also drove inflation up, and were supported by rise in price of fuel and lubricants for personal transport equipment, amongst others.