NBS says Nigeria’s inflation rate hits 17.6 % in August


ABUJA – The National Bureau of Statistics (NBS) on Friday said Consumer Price Index (CPI) which measured inflation, was 0.5 per cent points higher from what was recorded in July.

In the latest report, NBS said CPI increased to 17.6 per cent (year-on-year) in August from 17.1 per cent recorded in July.

It states that the index reflects higher prices across the board as a result of increases recorded in all Classification of Individual Consumption by Purpose divisions.

It shows also 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.

The report states further, “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.

“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.’’

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

“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.”

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