Nigeria’s Inflation Rate Rises to 9.3 Percent

rateA textile shop at the Oshodi market in Lagos. Photographer: Pius Utomi Ekopei/AFP/Getty Images

Nigeria’s Consumer Price Index (CPI) which measures inflation increased by 0.1% to 9.3% (year-on-year), from 9.2% recorded in July. According to the data released by National Bureau of Statistic (NBS) the marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola; Health, Transport; and Recreation and Culture Divisions. The data shows that the rate of increase in prices of food according to Food Sub-Index has reduced.

Although, on a year-on-year basis the Food Sub-index rose by 10.1% in August, 0.1 % higher than what was obtained in July. While price increase were observed in certain groups: Meats and Fish, Bread and Cereals, the index was affected by a slower increase in the potatoes, yams and other tubers groups, fruits and vegetables.

However, imported food prices remain high. On a month-on-month basis, the Food Sub-index increased at a slower pace for the second consecutive month in August, increasing by 0.6% from 0.8% in July. All groups which contribute to the Food Sub-index increased at a slower rate in July with the exceptions being the Eggs, Milk and Cheese; and the Oils and Fats groups. The average annual rate of change of the Food Sub-index for the twelve-month period ending in August 2015 over the previous twelve month average was 9.6 percent, holding at the same rate for two consecutive months.

 

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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