After 18-month decline, Nigeria inflation rate rises

A market used to illustrate the story
A market used to illustrate the story

The National Bureau of Statistics (NBS) on Friday said the nation’s inflation rate rose by 11.23 per cent in August.

The NBS in its report stated that this is the first year-on-year rise in headline inflation following the 18th consecutive decline in the nation’s inflation rate.

The bureau said that the Consumer Price Index, which measures inflation, recorded an increase from the 11.14 per cent recorded in July.

”This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14),” the report read in part.

The bureau added that Increases were recorded in all COICOP divisions that yielded the Headline index. COICOP refers to the classification of individual consumption by purpose.

“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 report said.

“The percentage change in the average composite CPI for the 12 months period ending August 2018 over the average of the CPI for the previous 12 months period was 13.55 per cent, showing 0.4 per cent point from 13.95 per cent recorded in July 2018.”

Since it exited recession in the second quarter of 2017, the nation has recorded consecutive decline in inflation even as analysts feared the recent month-on-month figures showed that inflation may increase again.

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