Official: Nigeria’s August Inflation Rate Is 17.6%

The National Bureau of Statistics just released the following data on inflation.

• Inflation rate for the month of August is 17.6% (year-on-year), 0.5% points higher from the rate recorded in July (17.1%).
• Increases were recorded in all COICOP 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.
• The Food Index rose by 16.4 percent (year- on-year) in August, up by 0.6 percent points from 15.8 percent 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.
• In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.2% points from July to 20.7% in August.
• Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 percent (year-on-year) in August, up by 0.3 percentage points from rates recorded in July (16.9 percent).
• During the month, the highest increases were seen in Solid fuels, Vehicles parts Books & Stationeries and Clothing and other articles of clothing.
• On a month-on-month basis, the Headline index rose by 1.0 percent in August, marginally lower than the 1.3 percent recorded in July. This is the third consecutive month of a slower pace of increase in the Headline Index.
• Source: National Bureau of Statistics