Friday, June 27, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home Business

HOW PRODUCTION COST, NAIRA DEPRECIATION SHOOT UP INFLATION – NBS

This, the body traced to: Disruption in the supply of food products; Increase in import cost due to the persistent currency depreciation and general increase in the cost of production.

Newsroom Nigeria by Newsroom Nigeria
September 16, 2022
in Business
Reading Time: 1 mins read
0
SHARES
Share on FacebookShare on Twitter

The National Bureau of Statistics has put the the Headline inflation rate in August 2022 was 1.77%. This was 0.05% lower than the rate recorded in July 2022 (1.82%). This means that in August 2022 the headline inflation rate (month–on–month basis) declined by 0.05%.

The body traced the decline in current month food index relative to the reference month index to harvest season and the relative stability in transportation cost due to availability of fuel.

Related posts

Change of Baton: Ojulari Takes over from Kyari, Pledges to Consolidate Successes of Predecessor

April 4, 2025

Barrister Neya Kalu Continues to Redefine Elegance in Nigeria.

November 5, 2024

But on a year–on- year basis, the headline inflation rate was 20.52%. This was 3.52% points higher compared to the rate recorded in August 2021, which was (17.01%). This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (i.e.August 2021).

According to the NBS, the percentage change in the average CPI for the twelve months period ending August 2022 over the average of the CPI for the previous twelve months period was 17.07%, showing a 0.47% increase compared to 16.60% recorded in August 2021.

The body also added that “on a year-on-year basis, in August 2022, the urban inflation rate was 20.95 %, this was 3.36% higher compared to 17.59 % recorded in August 2021.

This, the body traced to: Disruption in the supply of food products; Increase in import cost due to the persistent currency depreciation and general increase in the cost of production.

“On a month -on-month basis, the urban inflation rate was 1.79% in August 2022, this was a 0.03 % decline compared to July 2022 (1.82%). The corresponding twelve-month average for the urban inflation rate was 17.59 % in August 2022. This was 0.4% higher compared to 17.19% reported in August 2021.”

In the rural areas, inflation rate in August 2022 was 20.12% on a year-on-year basis; this was 3.69% higher compared to 16.43% recorded in August 2021.

On a month-on-month basis, the rural inflation rate in August 2022 was 1.75%, down by 0.06% compared to July 2022 (1.81%).

ShareTweetSendShareShare
Previous Post

YOUTHS HOLD RALLY FOR TINUBU IN IBADAN

Next Post

Group Faults Claims on Bagauda Kaltho’s Death, Calls for Further Probe

Related Posts

Business

Change of Baton: Ojulari Takes over from Kyari, Pledges to Consolidate Successes of Predecessor

April 4, 2025
Business

Barrister Neya Kalu Continues to Redefine Elegance in Nigeria.

November 5, 2024
Business

FUEL IMPORT: DANGOTE RESPONDS TO IPMAN, OTHERS

November 5, 2024
Business

Federal Ministry of Communications, Innovation & Digital Economy Announce N2.8billion Google support to Advance AI Talent Development in Nigeria

October 31, 2024
Business

Caring Habitat’s Medical Director Calls for Establishment of More Rehab Hospitals 

October 29, 2024
Business

Bresson 180Bn naira Magboro Power plant kicks off, Signs Power Purchase Agreement with IBEDC.

October 28, 2024
Next Post

Group Faults Claims on Bagauda Kaltho’s Death, Calls for Further Probe

RECOMMENDED NEWS

PICK OSINBAJO, FORGET ASO ROCK: MUSLIM GROUP WARNS PARTIES

3 years ago

IGLSA Leadership Mentoring Clinic Starts in Abuja on Monday

3 years ago

THREE KILLED, SEVERAL MISSING AS TERRORISTS HIT CHURCHES IN KADUNA

3 years ago

Iluyomade Charges Women toTake Up Leadership Posts At 15th Arise Women Conference

2 years ago

FOLLOW US

POPULAR NEWS

  • TAU Students Win Big   at National Innovation Challenge

    TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.