The latest CPI and Inflation Report released by the National Bureau of Statistics has revealed that inflation increased by 13.22% (Year-on-Year) in August 2020. This is 0.40% points higher than the rate recorded in July 2020 (12.82%).
It’s is not so surprising that the consumer price index (CPI) in Nigeria rose to its highest in over 3 years in the previous month (August 2020). The increase in the price of food is said to be the major reason in this hike.
The increase in inflation to 13.22% in August, has marked the highest reading since March 2018, moving by the Central Bank of Nigeria’s (CBN) target range of 6% to 9%. Economists have previously forecasted the difficulties in the coming days of the post COVID-19 pandemic on the populace as a whole. The staggering economy and increase in the CPI has brought to light how much the nation has to diversify the economy and invest more in Agriculture.