Inflation in Nigeria at its highest level in 17 years – Agence Afrique

Consumer price inflation in Nigeria hit its highest level in 17 years in August 2022, the Nigeria National Bureau of Statistics (NBS) revealed in its latest Consumer Price Index on Thursday.

The NBS reports that inflation reached 20.5% in August 2022, compared to 19.6% in July of the same year and 17% in August of 2021. This is the seventh consecutive monthly increase in the rate of inflation in Nigeria this year and the highest increase since 2005.

According to the statistics agency, the rise in inflation is due to “a disruption in the supply of food products, an increase in the cost of imports due to the continued depreciation of the currency and a general increase in the cost of production “.

The food inflation rate in August 2022 was 23.1%, the Statistics Agency said. The rise in prices of some of the most common food items in Nigeria, including bread, cereals and tubers, are the main causes of this increase”, adds the same source.

Consumer price inflation, the highest in 17 years, has more than doubled the 9% target set by the Central Bank of Nigeria for this year, sparking growing fears of hardship among citizens and businesses in the country, the most populous in Africa with a population of over 200 million.

Nigeria, one of the continent’s leading oil producers, is plagued by corruption, insecurity and lack of good governance. Security concerns that have led to the deaths of thousands of people over the past year in northern Nigeria have also driven up food inflation.

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