Inflation rate edged to 9.3 % in August

The National Bureau of Statistics (NBS) on Monday said that inflation rate edged higher to 9.3 per cent in August, compared to the 9.2 per cent rate in July. This is contained in August 2015 Consumer Price Index (CPI) issued from the NBS in Abuja.

The News Agency of Nigeria (NAN) reports that CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

According to the report, the marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola, Health, Transport, Recreation and Culture Divisions.

The report said that on a month-on-month basis, pace of increases of food prices as reflected by the Food Sub-index had slowed.

It said that the decline contributed to the relatively slower pace of increases reflected on the year-on-year rates between July and August.

"The Food Sub-index rose by 10.1 per cent (year-on-year) in August, slightly higher from 10.0 per cent in July.

"While increases were observed in major groups within the index, Bread and Cereals, Meats and Fish, the index was weighted upon by a slower increase in the Fruit, Vegetables, and Potatoes, Yams and Other Tubers groups.’’

"The advances recorded by the 'All Items less Farm Produce' or Core sub-index increased at a faster pace in August relative to July.’’

The report further said that Urban index increased by 9.2 per cent (year-on-year), increasing at the same pace for three consecutive months.

On the other hand, the report said that rural index increased 0.2 per cent points to 9.4 per cent, from 9.2% in July.

"The Urban and Rural indices both grew by 0.7 per cent in July,’’ the report added.