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JUST IN: Inflation rate hits 13.22%

…Records highest jump since Oct. 2016

The consumer price index which measures inflation rose by 0.40 percentage points between July and August 2020 on a year-on-year basis, the highest increase recorded since October 2016.

According to the August CPI/Inflation report released by the National Bureau of Statistics (NBS), the rate of inflation stood at 13.22 percent in August; higher than the 12.82 percent recorded in July.

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

“The urban inflation rate increased by 13.83 percent (year-on-year) in August 2020 from 13.40 percent recorded in July 2020, while the rural inflation rate increased by 12.65 percent in August 2020 from 12.28 percent in July 2020.”