Nigeria’s annual inflation rate rose to 11.23 per cent in August. The rise which was driven by increase in food prices in Africa’s largest economy was the first in 2018.
The National Bureau of Statistics (NBS) disclosed this in its latest Consumer Price Index (CPI) report titled ‘CPI and Inflation Report August 2018’, released on Friday, September 14, 2018, in Abuja, Nigeria’s capital city.
This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14 per cent) and represents the first year-on-year rise in headline inflation following eighteenth consecutive disinflation.
Food prices rose 13.16 per cent over the previous year, versus 12.85 per cent in the previous month.
On a month-on-month basis, the food sub-index increased to 1.42 per cent in August 2018, up by 0.02 per cent points from 1.40 per cent recorded in July.
According to the report, the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other staple food.
In July 2018, the annual inflation rate dropped to 11.14 per cent (year-on-year), the lowest in over 2 years and 0.09 per cent points less than the rate recorded in June 2018 (11.23 per cent).
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