Economic Recession: Nigeria’s Inflation Rate Hits 17.6% In August, Says NBS


By NAN   |  
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The National Bureau of Statistics (NBS) says Consumer Price Index (CPI) has increased to 17.6 per cent (year-on-year) in August from 17.1 per cent recorded in July.

A report released by the NBS in Abuja on Friday stated that the CPI, which measured inflation, was 0.5 per cent points higher from the points recorded in July.

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.

“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.

The report also stated that imported foods as reflected by the Imported Food Sub-index, increased by 0.2 per cent points from 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.’’

On a month-on-month basis, the report stated that the headline index rose by 1.0 per cent in August, marginally lower than the 1.3 per cent recorded in July.

“ This is the third consecutive month of a slower pace of increase in the Headline Index,’’ it stated.

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. The Guardian

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