Increase In Price Of Flight Tickets, Hospital Services, Others, Push Inflation To 13.22%, Says NBS

The Consumer Price Index, which measures inflation increased by 13.22 per cent in August 2020, the National Bureau of Statistics data revealed.

The increase represents a 0.40 percent points higher than the 12.82 per cent recorded in July.

According to the report, which was released on Tuesday, on a month-on-month basis, the Headline index increased by 1.34 per cent in August 2020, which is 0.09 per cent higher than the rate recorded in July 2020 (1.25 percent).

The report showed that the urban inflation rate increased by 13.83 per cent in August 2020 from 13.40 per cent recorded in July 2020, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in July 2020.

The composite food index according to the report rose by 16 percent in August 2020 compared to 15.48 percent in July 2020.

It said, “On month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020.

“The average annual rate of change of the Food sub-index for the twelve-month period ending August 2020 over the previous twelve-month average was 14.87 percent, representing a 0.24 percent points increase from the average annual rate of change recorded in July 2020 (14.63 percent).

“This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, Yam and other tubers, Meat, Fish, Fruits, Oils and fats and Vegetables.”

The highest increases were recorded in prices of passenger transport by air, hospital services, medical services, pharmaceutical products, maintenance and repair of personal transport equipment, vehicle spare parts, motor cars, passenger transport by road, miscellaneous services relating to the dwelling, repair of furniture and Paramedical services.

“The average 12-month annual rate of change of the index was 9.64 percent for the twelve-month period
ending August 2020. This is 0.16 percent points higher than 9.48 percent recorded in July 2020,” it added.