By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Consumer Price Index (CPI) which measures inflation climbed up higher to 9.3 percent (year-on-year), from 9.2 percent in July.
The National Bureau of Statistics in its latest monthly report says the marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola, Health, Transport and Recreation and Culture Divisions.
“On a month-on-month basis, the pace of increases of food prices as reflected by the Food Sub-index has slowed, contributing to the relatively slower pace of increases reflected on the year-on-year rates between July and August,” the report said.
The Nation’s statistics office says on a month-on-month basis, the pace of the increase in the Headline index eased for the third consecutive month. It reported the Headline index increased by 0.6 percent in August, marginally lower from 0.7 percent in July.
According to the study, the Headline index increased at a slower rate as all COICOP divisions slowed during the period with the exceptions being Furnishings & Household Equipment Maintenance; Education and Restaurant and HotelsDivisions.
Also, the Urban index increased by 9.2 percent (year-on-year), increasing at the same pace for three (3) consecutive months, while the Rural index increased 0.2 percent points to 9.4 percent, from 9.2 percent in July.
“On a month-on-month basis, both the Urban and Rural indices increased at a slower pace, increasing by 0.6 percent in August. The Urban and Rural indices both grew by 0.7 percent in July,” the report added.
It affirmed that the percentage change in the average composite CPI for the twelve-month period ending in August over the average of the CPI for the previous twelve-month period was 8.6 percent, marginally higher from the 8.5 percent rate recorded in July.
The corresponding twelve-month year-on-year average percentage change for the Urban index increased marginally from 8.5 percent to 8.6 percent, while the corresponding Rural index also edged higher to 8.5 percent in August from 8.4 percent in July, according to the NBS report.
