Nigeria’s inflation rises by 17% – NBS

In the last one month, inflation has risen from 17.1% to 17.6 per cent in Nigeria, with increasing prices of 740 goods and services, including food items and hospital services, the National Bureau of Statistics (NBS) said on Friday.
In its latest report released, the NBS noted that its objective computation of Consumer Price Index (CPI) or inflation requires skills of economists, statisticians, computer scientists, data collectors and others.
The bureau said, “In August the Consumer Price Index (CPI) which measures inflation increased by 17.6 per cent (year-on-year), 0.5% points higher from the rate recorded in July (17.1 per cent).
“Increases were recorded in all COICOP (Classification of Individual Consumption by Purpose) divisions which contribute to the Headline index reflecting higher prices across the board.
“The major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education and transportation services.”
According to the NBS, the trend of rising inflation is clearly discernible in both urban and rural areas of the country even though the pace slowed down a bit between July and August this year.
“Urban and Rural Prices continued to rise in the month of August.
“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,” it added.
Culled from THE NATION NEWSPAPER

Nigeria’s inflation rises by 17% – NBS

Facebook Comments

Check Also

We are ready to engage Niger Delta Avengers – FG

The Federal government has said it is ready to engage with Niger Delta Avengers and ...

Oil hits hits $62 amid tightening markets, Saudi purge

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s ...