Nigeria's inflation rises for first time in 18 months to 11.23 per cent
The NBS said increases in the CPI were recorded in all the divisions that yield the headline index.
The National Bureau of Statistics reported today that the country’s Consumer Price Index (CPI) increased by 11.23 per cent in August, compared to 11.14 per cent recorded in the previous month. This represents the first year-on-year increase in headline inflation in 18 months.
In February 2018, Nigeria’s inflation rate ended a 15-month long period of steady increases caused by the country’s economic upheavals. The main inflationary pressures were foreign exchange shortages, the devaluation of the naira, and the increase in fuel prices.
The NBS said increases in the CPI in August were recorded in all the divisions that yield the headline index.
On a month-on-month basis, however, the inflation rate declined by 0.08 per cent from the 1.13 per cent recorded in July to 1.05 per cent in August 2018.
The Core Inflation, which excludes the prices of agricultural produce, stood at 10 per cent in August, representing a decrease from the 10.2 percent recorded in the previous month.
During the month under review, the highest increases were recorded in the prices of domestic services and household services, dental services, hospital services, medical services, repair of household appliances, tobacco, wine, and repair of furniture.
Most Popular News
- Kenyan startup launches blockchain-based solid minerals trading platform
- Nigeria emerges as regional hub for homegrown seed production companies
- Mojec partners banks to provide prepaid meter financing for customers
- FEC approves $200 million loan for Nigeria's electrification project
- Acumen’s impact fund raises $70m to boost clean energy access in Africa
- SWIFT says information sharing between banks is key to prevent cyber fraud