Cost of living rises as August inflation hits 13.22%

The consumer price index, (CPI) which measures inflation increased by 13.22 per cent Year-on-year (YoY) in August 2020 according to the latest report by the National Bureau of Statistics (NBS).

This is 0.40 per cent points higher than the rate recorded in July 2020 when its stood at 12.82 per cent, as increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

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

The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 per cent, representing a 0.18 per cent point rise from 12.05 per cent recorded in July 2020.

The urban inflation rate increased by 13.83 per cent YoY in August 2020 from 13.40 per cent recorded in July, while the rural inflation rate increased by 12.65 per cent in August 2020 from 12.28 per cent in the preceding.

On a month-on-month basis, the urban index rose by 1.42 per cent in August 2020, up by 0.15 from 1.27 per cent recorded in July 2020, while the rural index also rose by 1.27 per cent in August 2020, up by 0.04 from the rate recorded in July 2020 when it was 1.23 per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index was 12.85 per cent in August 2020.

This is higher than 12.66 per cent reported in July 2020, while the corresponding rural inflation rate in August 2020 was 11.66 per cent compared to 11.49 per cent recorded in July 2020.

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