States That Suffered Nigeria’s Highest inflation Pressure in August

By Tolulope Oke

Do you know that states that suffered Nigeria’s highest inflation pressure in August?

Well, the National Bureau of Statistics (NBS) has given the listing, observing that Nigeria’s headline inflation rose to 20.52 percent year over year, in August 2022.

In comparison to the previous official report in July, which stood at 19.64 per cent, the country’s inflation surged greater.

BusinessDay reported that this is the highest Nigeria has recorded in 17 years, therefore passing the 19 per cent inflation benchmark.

• READ ALSO: How Rise In Food Increased Nigeria’s Inflation to 19.64% – NBS

Notably, The Eagle had reported that the apex bank (CBN), was compelled to raise the Monetary Policy Rate, the nation’s benchmark interest rate, by 250 basis points from 11.5 percent to 14 percent between April and July of this year as a result of the steady increase in headline inflation over the past nine months.

• READ ALSO: Inflation: CBN Raises Interest Rate By 100 Basis Points

On a state-to-state analysis, Ebonyi, Rivers, and Bayelsa states individually suffered the nation’s highest inflationary pressures. The three states’ inflation stood at 25.33 percent, which is the highest,  23.70 percent, and 23.01 percent.