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.
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%).
