The National Bureau of Statistics (NBS) has said in their report Thursday, that the consumer price index (CPI), which measures the rate of change in prices of goods and services, surged to 20.52 percent in August 2022. That mean it is up from 19.64 percent in the previous month. The rate is the highest since October 2005.
According to the bureau, the rate is 3.52 percent higher compared to 17.01 percent recorded in August 2021, indicating a rush (year-on-year) in August 2022.
Inflation indexes are best felt “when you go to the market to buy essential commodities and prices have increased significantly from the previous month you bought them.” says Isa Arabi, a father of six in Yola, Adamawa State.