Nigerian inflation eases to 16.01 percent
Food price pressure continued into August as all major food sub-indexes increased.
The Nigerian Consumer Price Index (CPI), which measures inflation, increased by 16.01 percent (year-on-year) in August, 2017. According to data released today by the National Bureau of Statistics (NBS), the August inflation rate was 0.04 percent lower than the rate recorded in July (16.05) percent, making it the seventh consecutive decline in the rate of headline year-on-year inflation since January, 2017.
Increases were recorded in all the components of the Headline index. On a month-on-month basis, the index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.
The percentage change in the average composite CPI for the twelve-month period ending in August, 2017 over the average of the CPI for the previous twelve-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.
The Urban index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from 16.04 percent recorded in July, and the Rural index increased by 15.91 percent in August from 16.08 percent in July.
On month-on-month basis, the urban index rose by 0.99 percent in August 2017, down by 0.26 percent point from 1.25 percent recorded in July, while the rural index rose by 0.95 percent in August 2017, down by 0.23 percent point from 1.18 percent in July.
The corresponding twelve month year-on-year average percentage change for the urban index increased from 18.43 percent in July to 18.15 percent in August, while the corresponding rural index also increased from 16.60 percent in July to 16.58 percent in August.
Food price pressure continued into August as all major food sub-indexes increased. The Food index increased by 20.25 percent (year-
on-year) in August, down marginally by 0.03 percent points from the rate recorded in July (20.28 percent).
The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa.
On a month-on-month basis, the Food sub-index increased by 1.14 percent in August, down by 0.38 percent points from 1.52 percent recorded in July. The average annual rate of change of the Food sub-index for the twelve-month period ending in August 2017 over the previous twelve month average was 18.57 percent, 0.32 percent points from the average annual rate of change recorded in June (18.25)percent.
The ''All Items less Farm Produce'' or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.10 percent during the month of August to 12.30 percent from 12.20 percent recorded in July as all key divisions which contributes to the index increased.
On a month-on-month basis, the Core sub-index increased by 0.93 percent in August, 0.07 percent points lower from 1.00 percent recorded in July. The highest increases were recorded in clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing,
books and stationary, non-durable household goods, pharmaceutical products and maintenance, repair of personal transport equipment and glassware, tableware & household utensils.
The average 12-month annual rate of rise of the index was recorded at 15.37 percent for the twelve-month period ending in August 2017, 0.43 percent points lower from the twelve month rate of change recorded in July.
- The rise of Generation Y and the future of Nigerian politics
- Calling on Buhari to implement bold fiscal reforms
- Tourism and hospitality value chain is essential to economic diversification
- Why PEBEC should facilitate intellectual property protection
- Hyperinflation: Much talked about, little understood
Most Popular News
- New funding round opens for renewable energy projects in developing countries
- Fundamentals that every new forex trader should be aware of
- Facebook records 16 million active users in Nigeria
- CBN’s Monetary Policy Committee leaves rates unchanged
- Nigeria commits to global efforts for land restoration
- Maryland Mall developer, Purple Capital, receives $12.5 million funding