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Inflation Rate Reaches 17.6% in August – NBS

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Dreamstime-InflationThe National Bureau of Statistics (NBS) says Consumer Price Index (CPI) has increased to 17.6% (year-on-year) in August from 17.1& recorded in July.

A report released by the NBS in Abuja on Friday stated that the CPI, which measured inflation, was 0.5% 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& (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% points from July to 20.7% in August.

“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2% (year-on-year) in August, and up by 0.3% points from rates recorded in July (16.9%). 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% recorded in July, while the Rural index increased by 16.1% in August from 15.5% in July,” it added.

Photo Credit: Steve Woods | Dreamstime

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

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