Inflation Up by 17.6 percent in August

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The Nigerian consumer prices have increased for ten consecutive months, as headline inflation was up by 17.6 percent in August, when compared with 17.1 percent in July, which was roughly in line with market expectation of 17.7 percent.

Month on month inflation rose at a slower pace for the third consecutive month, climbing by 1.0 percent in August versus 1.3 percent in July.

According to the Nigerian Bureau of Statistic (NBS), key drivers of this month jump were housing, water, electricity, Gas and other Fuel, education and transportation services. Food prices rose 16.4 percent, from 15.8 percent in the previous month. Imported inflation jumped to 20.7 percent from 20.5 percent. On month to month basis, food inflation held constant at 1.2 percent.

Core inflation increased to 17.2 percent versus 16.9 percent in July. On a month to month basis prices in the “All items less farm produce” index rose at a slower pace for the third consecutive month, rising by 0.9 percent versus 1.2 percent in the previous month.

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