Inflation Rises After 18 Months in Nigeria

Inflation Nigeria

Inflation rate rose to 11.23 per cent in August, up from the 11.14 per cent recorded in July this year.

The Consumer Price Index (CPI) which measures inflation released yesterday by the National Bureau of Statistics (NBS) showed that the latest inflation rate was 0.09 percent points higher than the rate recorded in July 2018 (11.14) and represents the first year-on-year rise in headline inflation following eighteenth consecutive disinflation in headline inflation.

The report showed that the composite food index rose by 13.16 per cent in August 2018 compared to 12.85 percent in July.

The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.0 per cent in August 2018, down by 0.2 percent from the 10.2 per cent recorded in July.

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