Saturday, September 17, 2016

Inflation Rate Rises To 17.6 Percent In August |PoliFocus

The National Bureau of Statistics, NBS, has stated that the inflation rate for the month of August rose by 0.48 percentage point from 17.13 per cent in July to 17.61 per cent in August.


Data released by the NBS late in August had showed that the Consumer Price Index, CPI, which measures inflation increased year-on-year rose by 0.6 percentage points from 16.5 per cent in June to 17.1 per cent in July. In May, the inflation rate stood at 15.6.

The June inflation rate  is the highest rate since October 2005, according to data provided by the Central Bank of Nigeria. Among others, essentials, food prices rose to 15.3 percent in June, compared with 14.9 percent in May.

The bureau had in its August report attributed the increase to high energy prices which it added impactednegatively on the index.According to the latest report, “The major divisions responsible for accelerating the pace of the increase inthe headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.

“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.“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.”

It said despite the fact that the country was in a period of harvest, it had yet to feel the impact as food prices was still on the increase.

“In July the Consumer Price Index which measures inflation increased by 17.1 per cent (year-on-year), 0.6 percentage points higher from the rate recorded in June (16.5 per cent),” the report had read in part.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; health, transport and recreation and culture divisions.”

From January to July 2016, inflation rate rose by at least 0.65 percentage point, showing a gradual decline in pace in June, July and August. It is believed that thismay result in cheaper food prices for Nigerians in the long haul.

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