Nigeria’s Consumer Price Index, which measures inflation rate, increased by 17.6% (year-on-year), which is 0.5 per cent higher from 17.1 per cent recorded in July.
A report by the National Bureau of Statistics for August indicated that the increase caused by the rising prices in Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.
The Statistics Bureau noted increases were recorded in all COICOP divisions which contribute to the Headline index reflecting higher prices across the board.
The Food Index rose by 16.4 percent (year-on-year) in August, up by 0.6 percent points from 15.8 percent recorded in July.
The highest price increases were recorded in Meat, Fish, and Bread & Cereals groups.
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.
In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.2 per cent points from July to 20.7 per cent in August.
“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 percent (year-on-year) in August, up by 0.3 percentage points from rates recorded in July (16.9 percent). During the month, the highest increases were seen in Solid fuels, Vehicles parts Books & Stationeries and Clothing and other articles of clothing. On a month-on-month basis, the Headline index rose by 1.0 percent in August, marginally lower than the 1.3 percent recorded in July. This is the third consecutive month of a slower pace of increase in the Headline Index,” the NBS said.
According to the report, the Urban index increased by 19.3 percent (year-on-year) in August from 18.9 percent recorded in July, while the Rural index increased by 16.1 percent in August from 15.5 percent in July. On a month-on-month basis, both Urban and Rural index increased at a slower pace, as Urban index rose by 0.9 percent in August from 1.4 percent in July, while the Rural index rose by 1.09 percent from 1.12 percent in July.
Energy prices as well other imported items (such as Vehicle Spare Parts) continue to be key contributors to movements in the Core index.
The Core sub-index, the report noted, increased by 17.2 percent during the month, a 0.3 per cent increase from the 16.9 percent recorded in July.
On a month-on-month basis, the Core sub-index rose by 0.9 percent in August, 0.3 percentage points lower than the 1.2 percent in July.
“The highest increases were reported in vehicle spare parts, solid fuels, Books & stationeries and Clothing & Footwear groups. The average 12-month annual rate of rise of the index was recorded at 12.3 percent for the twelve-month period ending in August 2016, 0.7 percent points higher from the twelve-month rate of change recorded in July,”
