Inflation goes to 9.3% –NBS report

Nigeria’s Inflation rate in August rose to its highest level since February 2013, and above the Central Bank of Nigeria’s June upper limit of nine per cent.
Consumer Price Index which measures inflation went up again in August reaching 9.3 per cent, an increase of 0.1 per cent over the July figure.
According to the National Bureau of Statistics monthly report released on Sunday, food inflation rose marginally to 10.1 per cent year-on-year in August versus 10.0 per cent in July.
“The marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions,” the NBS said.
“On a month-on-month basis, the pace of increases of food prices … has slowed, contributing to the relatively slower (overall) pace of increases,” it added.
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, NBS said.

Read also: NBS says fuel scarcity, rains pushing inflation

In August, food prices increased at a marginally higher pace relative to July, NBS said. It added that food prices increased by 10.1 per cent as prices of fruits, vegetables; and potatoes, yams and other tubers groups grew at a slower pace and weighed on the index.
The report also said that on the average, consumers across the country paid N104.48 for a litre of Premium Motor Spirit popularly known as petrol in the month of August.
The statistics showed that despite the regulation and subsidy on petroleum products by the Federal Government, fuel still sells higher than the official price of N87 per litre across the country.
However, comparative statistics showed that the average price of N104.48 is the least consumers paid for PMS across the country in the last four months, May to August.

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