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Nigeria’s Inflation Rate Rises to 9.3 Percent

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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.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.