Nigeria: Inflation Rises Again, Hits 17.6 Percent In August
Nigeria’s Consumer Price Index (CPI) which measures the country’s inflation rose to 17.6 percent in August from 17.1 percent in July, the National Bureau of Statistics (NBS) has said.
According to data released by the NBS on Friday inflation rate for the month of August rose by 0.48 percentage point from 17.13 per cent in July to 17.61 per cent in August.
The report noted that increases were recorded in all Classification of Individual Consumption by Purpose divisions, which contributed to the headline index reflecting higher prices across the board.
Advertisement
“The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.
“The Food Index rose by 16.4 per cent (year-on-year) in August, up by 0.6 per cent points from 15.8 per cent recorded in July.
“During the month, all the major food groups contributed to the increase in the Food sub-index.
“However, the pace of increase was slowed by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats, which reported slower increases during the month,’’ it stated.
Advertisement
The statistics office also said that imported foods as reflected by the Imported Food Sub-index, increased by 0.2 per cent in July to 20.7 per cent in August.
“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 per cent (year-on-year) in August, and up by 0.3 percentage points from rates recorded in July (16.9 per cent).
“During the month, the highest increases were seen in Solid fuels, Vehicles parts Books and Stationery and Clothing and other articles of clothing.’’
The report further noted that on a month-on-month basis, headline index rose by 1.0 per cent in August, 0.3 percent lower than that of July (1.3).
“This is the third consecutive month of a slower pace of increase in the Headline Index,’’ it stated.
Advertisement
In addition, the report stated that Urban and Rural prices continued to rise in the month of August.
“The Urban index increased by 19.3 per cent (year-on-year) in August from 18.9 per cent recorded in July, while the Rural index increased by 16.1 per cent in August from 15.5 per cent in July,’’ it added.
