The National Bureau of Statistics (NBS) said on Friday that Nigeria’s inflation rate has moved up to 11.23% in August, due to increasing food prices.
This latest statistic is coming after eighteen consecutive months of consecutive disinflation.
In its latest report titled ‘CPI and Inflation Report August 2018 ’ which was released in Abuja on Friday, the NBS stated that the rise is 0.09 % points higher than the rate 11.14 % recorded in July, 2018 and represents the first year-on-year rise in headline inflation.
“The consumer price index, (CPI) which measures inflation increased by 11.23 percent (year-on-year) in August 2018.
“This is 0.09 percent points higher than the rate recorded in July 2018 (11.14) percent and represents the first year on year rise in headline inflation following eighteenth consecutive disinflation in headline inflation.
“The composite food index rose by 13.16 percent in August 2018 compared to 12.85 percent in July 2018.
“The ‘’All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 10.0 percent in August 2018, down by 0.2 percent from the rate recorded in July 2018 (10.2) percent,” it stated.