Nigeria’s inflation rate rises again

The National Bureau of Statistics (NBS), on Friday, released the Consumer Price Index (CPI) for August 2018.

The report shows inflation increased by 11.23% year-on-year, which is 0.09% higher than the recorded rate in July 2018 (11.14%). This is the first year on year rise, after eighteenth consecutive months of disinflation, since January 2017.

“The consumer price index, (CPI) which measures inflation increased by 11.23 percent (year-on-year) in August 2018. This is 0.09 percent points higher than the rate recorded in July 2018 (11.14) percent and represents the first year on year rise in headline inflation following eighteenth consecutive disinflation in headline inflation,” the report read.

“Increases were recorded in all COICOP divisions that yielded the Headline index. 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) percent).”

Recall that in the report for July, inflation had dropped to 11.14% (year-on-year) from 11. 23 per cent recorded in June.

According to the bureau, the figure is 0.09 per cent points less than the rate recorded in June. The bureau said the figure showed 18 consecutive reductions in inflation rate since January 2017.

The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, NBS said the Headline Index increased by 1.13 per cent in July, down by 0.11per cent points from the rate recorded in June.

According to the bureau, the drop was the first month-on-month headline inflation decline since Feb. 2018.

It said the percentage changed in the average composite CPI for 12 months period ended July over the average of CPI for the previous 12 months period.

It, however, measured the CPI at 13.95 per cent in the period under review, showing 0.42 per cent point lower from 14.37 per cent recorded in June.