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Nigeria Inflation Rate Edged To 9.3% In August – NBS

Central-Bank-Of-NigeriaThe National Bureau of Statistics (NBS) on Monday said Nigeria inflation rate edged higher to 9.3 percent in August, compared with the 9.2 percent rate in July.

This is contained in August 2015 Consumer Price Index (CPI) issued from the NBS in Abuja.

The News Agency of Nigeria reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

According to the report, the marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport, recreation and culture divisions.

The report said that on a month-on-month basis, pace of increases of food prices as reflected by the Food Sub-index had slowed.

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It said that the decline contributed to the relatively slower pace of increases reflected on the year-on-year rates between July and August.

“The Food Sub-index rose by 10.1 percent (year-on-year) in August, slightly higher from 10 percent in July. While increases were observed in major groups within the index, bread and cereals, meats and fish, the index was weighted upon by a slower increase in the fruit, vegetables, and potatoes, yams and other tubers groups.’’

“The advances recorded by the ‘All Items less Farm Produce’ or Core sub-index increased at a faster pace in August relative to July.’’

The report further said that urban index increased by 9.2 percent (year-on-year), increasing at the same pace for three consecutive months.

On the other hand, the report said that rural index increased 0.2 percent points to 9.4 percent, from 9.2 percent in July.

It said, on a month-on-month basis, both the Urban and Rural indices increased at a slower pace, increasing by 0.6 percent in August.

“The Urban and Rural indices both grew by 0.7 percent in July,’’ the report noted.

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