Inflation rises to 9.3% -NBS

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Statistician General NBS Yemi Kale

The nation Consumer Price Index which measures inflation rose again in August to 9.3 per cent, an increase of 0.1 per cent over the July figure, and staying above the Central Bank of Nigeria target upper limit, the National Bureau of Statistics said in its monthly report.

Food inflation rose marginally to 10.1 per cent year-on-year in August versus 10.0 per cent in July. “The marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions”

The NBS said. “On a month-on-month basis, the pace of increases of food prices has slowed, contributing to the relatively slower (overall) pace of increases,” it added.

The nation inflation rate rose above the central bank upper limit of nine per cent in June and is at the highest level since February 2013. On a month-on-month basis, the pace of increases of food prices as reflected by the food sub-index has slowed, contributing to the relatively slower pace of increases reflected on the year-on-year rates between July and August, NBS said.

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