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Nigeria's inflation rate hits 17.6 % in August

Source: pointblanknews.com
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The National Bureau of Statistics (NBS) says Consumer Price Index (CPI)

has increased to 17.6 per cent (year-on-year) in August from 17.1 per cent

recorded in July.
A report released by the NBS in Abuja on Friday stated that the CPI, which

measured inflation, was 0.5 per cent points higher from the points

recorded in July.
The report noted that increases were recorded in all Classification of

Individual Consumption by Purpose divisions, which contributed 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.
“The Food Index rose by 16.4 per cent (year-on-year) in August, up by 0.6

per cent points from 15.8 per cent recorded in July.

“During the month, all the major food groups contributed to the increase

in the Food sub-index.
“ However, the pace of increase was slowed by Fruits, Potatoes, Yam and

other Tubers as well as Oils and Fats, which reported slower increases

during the month,'' it stated.
The report also stated that imported foods as reflected by the Imported

Food Sub-index, increased by 0.2 per cent points from July to 20.7 per

cent in August.
“Price movements recorded by the All Items less farm produce or Core

sub-index increased by 17.2 per cent (year-on-year) in August, and up by

0.3 percentage points from rates recorded in July (16.9 per cent).

“During the month, the highest increases were seen in Solid fuels,

Vehicles parts Books and Stationery and Clothing and other articles of

clothing.''
On a month-on-month basis, the report stated that the headline index rose

by 1.0 per cent in August, marginally lower than the 1.3 per cent recorded

in July.
“ This is the third consecutive month of a slower pace of increase in the

Headline Index,'' it stated.
In addition, the report stated that Urban and Rural prices continued to

rise in the month of August.
“The Urban index increased by 19.3 per cent (year-on-year) in August from

18.9 per cent recorded in July, while the Rural index increased by 16.1

per cent in August from 15.5 per cent in July,'' it added.

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