This represents seventh consecutive monthly rise in Headline inflation since February.
Food inflation also rose to 23.12 per cent in August 2022, representing a 1.1 percentage-point increase compared to 22.02 per cent recorded in the July.
According to a report on Thursday by the National Bureau of Statistics (NBS), titled, ‘CPI and Inflation Report August 2022’, the NBS stated, “In August 2022, 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).”
The report noted that in August 2022, the general price level was 3.52% higher relative to August 2021. On a month-on-month basis, 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 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.”