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Whereas Nigeria’s year-on-year inflation rose for the seventh straight month to twenty.52% in August 2022, the most recent knowledge from Nigeria’s Nationwide Bureau of Statistics reveals that the month-on-month charge declined from 1.82% to 1.77% throughout the identical interval. The depreciation of the native forex, disruptions within the provide of meals merchandise, and a rise within the prices of manufacturing are mentioned to be the elements behind the most recent enhance.
Foreign money Depreciation Driving Inflation
In response to the most recent knowledge from Nigeria’s Nationwide Bureau of Statistics (NBS), the West African nation’s headline inflation for the month of August 2022 topped 20.52%. The most recent charge is 3.51 proportion factors larger than the 17.01% recorded in August 2021.
With this newest surge, Nigeria has now seen its year-on-year (YoY) inflation enhance for the seventh consecutive month. In response to the statistical physique, the depreciation of the native forex is without doubt one of the fundamental elements that prompted the YoY inflation charge to surge.
As reported by Bitcoin.com Information, the Nigerian forex’s trade charge towards the U.S. greenback plunged to a brand new low in late July 2022. Whereas the nation’s central financial institution has blamed speculators for his or her function in undermining the native forex, some economists argue that the continuing scarcity of international forex is basically in charge.
In addition to the forex depreciation, the NBS additionally pointed to disruptions within the provide of meals and the rise normally manufacturing prices as the opposite elements that prompted the YoY inflation charge to rise.
Month-on-Month Inflation Declines
Nevertheless, regardless of the most recent surge within the nation’s YoY inflation, the NBS knowledge suggests the month-on-month inflation dropped marginally from the 1.82% seen in July 2022 to 1.77% in August 2022. Regarding the nation’s client worth index (CPI), the statistical physique mentioned:
The proportion change within the common CPI for the twelve months interval ending August 2022 over the common of the CPI for the earlier twelve months interval was 17.07%, exhibiting a 0.47% enhance in comparison with 16.60% recorded in August 2021.
In the meantime, the NBS knowledge reveals that the YoY inflation charge in city Nigeria (20.95%) was marginally larger than in rural Nigeria (20.12%). On a month-to-month foundation, the agricultural inflation charge dropped by 0.06% from 1.81% in July 2022 to 1.75% in August 2022, whereas the city charge solely went down by 0.03%.
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