Nigeria’s inflation increases in August – NBS

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The National Bureau of Statistics(NBS) says the Consumer Price index (CPI), which measured inflation for August increased to 11.23 per cent (year-on-year) from 11.14 per cent recorded in July.

The NBS disclosed this in its”CPI and Inflation Report” for August released on Friday in Abuja. According to the Bureau, the figure is 0.09 per cent points higher than the rate recorded in July.

The Bureau said the figure represented the first year-on-year rise in inflation following 18 consecutive disinflation in headline inflation.

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The report showed that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, NBS said the Headline Index increased by 1.05per cent in August down by 0.08per cent points from the rate recorded in July(1.13per cent).

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It said the percentage change in the average composite CPI for 12 months period ended August over the average of CPI for the previous 12 months period.

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It, however, measured the CPI at 13.55 per cent in the period under review, showing 0.4per cent point from 13.95per cent recorded in July.

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