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JUST IN: Nigeria’s Inflation Rate Rises To 13.2% In August

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Inflation rate in Nigeria for the month of August has risen to 13.2 per cent, according to data released by the National Bureau of Statistics (NBS) on Tuesday.

This is the highest recorded increase since April 2018.

“The consumer price index, which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent),” the report by NBS reads.

“On a month-on-month basis, the headline index increased by 1.34 percent in August 2020. This is 0.09 per cent higher than the rate recorded in July 2020 (1.25 per cent).”

More details soon.

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