Inflation Rate Rises by 11.23% in August, After 18 Months’ Decline

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Nigeria’s inflation rate rose by 11.23 per cent, year-on-year, in August, halting the 18 months long declining growth, the National Bureau of Statistics (NBS) said on Friday.

The consumer price index, (CPI) which measures inflation increased by 11.23 per cent (year-on-year) in August 2018.

This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14) per cent and represents the first year on year rise in headline inflation following eighteenth consecutive disinflation in headline inflation.

The composite food index rose by 13.16 per cent in August 2018 compared to 12.85 per cent in July 2018.

The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.0 percent in August 2018, down by 0.2 per cent from the rate recorded in July 2018 (10.2) per cent.

On month-on-month basis, the Headline index increased by 1.05 percent in August 2018, down by 0.08 percent points from the rate recorded in July 2018 (1.13) per cent).

The percentage change in the average composite CPI for the twelve months period ending August 2018 over the average of the CPI for the previous twelve months period was 13.55 percent, showing 0.4 per cent point from 13.95 per cent recorded in July 2018.

The urban inflation rate increased by 11.67 per cent (year-on-year) in August 2018 from 11.66 per cent recorded in July 2018, while the rural inflation rate increased by 10.84 per cent in August 2018 from 10.83 per cent in July 2018.

On a month-on-month basis, the urban index rose by 1.00 percent in August 2018, down by 0.23 from 1.23 per cent recorded in July, while the rural index also rose by 0.96 percent in August 2018, down by 0.22 per cent from the rate recorded in July 2018 (1.18) per cent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 13.95 per cent in August 2018.

This is less than 14.33 per cent reported in July 2018, while the corresponding rural inflation rate in August 2018 is 13.21 percent compared to 13.64 percent recorded in July 2018.

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