The National Bureau of Statistics (NBS) has reported that Nigeria’s Consumer Price Index, (CPI), which measures inflation, increased by 11.23 percent (year-on-year) in August 2018.
The CPI for August represented 0.09 percent points higher than the 11.14 percent rate recorded in July and also the first year-on-year rise in headline inflation following eighteenth consecutive disinflation in headline inflation.
The agency reported that during the month in review, that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
According to the Bureau, on a month-on-month basis, the Headline index increased by 1.05 percent in August 2018, down by 0.08 percent points from the 1.13 percent rate recorded in July.
It reported further that the percentage change in the average composite CPI for the 12 months period ended August 2018 over the average of the CPI for the previous 12 months period was 13.55 percent, showing 0.4 percent point from 13.95 percent recorded in the preceding month.
Expatiating on the urban-rural inflation rates, the Bureau reported that urban CPI increased by 11.67 percent year-on-year in the month in review from 11.66 percent recorded in July, while the rural inflation rate increased by 10.84 percent in August 2018 from 10.83 percent in July.
The NBS stated: “On a month-on-month basis, the urban index rose by 1.00 percent in August 2018, down by 0.23 from 1.23 percent recorded in July, while the rural index also rose by 0.96 percent in August 2018, down by 0.22 percent from the rate recorded in July 2018 (1.18) percent.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.95 percent in August 2018. This is less than 14.33 percent reported in July 2018, while the corresponding rural inflation rate in August 2018 is 13.21 percent compared to 13.64 percent recorded in July 2018”, it added.
The NBS noted that in August, the composite food index rose by 13.16 percent compared to 12.85 percent in July, attributing the rise in food index to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, vegetables, fish, fruits and oils and fat.
The Bureau disclosed that on month-on-month basis, the food sub-index increased by 1.42 percent in the month in review, up by 0.02 percent points from 1.40 percent recorded in July.
It stated further that the average annual rate of change of the Food sub-index for the 12-month period ended August 2018 over the previous 12-month average was 16.50 percent, 0.6 percent points from the 17.10 percent average annual rate of change recorded in July.
On the ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce, the Bureau stated that the rate stood at 10.0 percent in August, down by 0.2 percent from the 10.2 percent rate recorded in July
In addition, the agency clarified that on month-on-month basis, the core sub-index increased by 0.78 percent in August, down by 0.03 percent when compared with 0.81 percent recorded in the preceding month.
The Bureau reported that the highest increases were recorded in prices of domestic services and household services, dental services, hospital services, medical services, repair of household appliances, tobacco, wine and repair of furniture.
The report indicated that the average 12-month annual rate of change of the index was 11.28 percent for the 12-month period ending August, representing 0.2 percent points lower than 11.48 percent recorded in July.