Nigeria records first inflation rise of 2018

After eighteen consecutive months of consecutive disinflation, Nigeria’s inflation rate has rose to 11.23% in August, largely due to increasing food prices, the National Bureau of Statistics (NBS) has said.

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.

The NBS further explained the relatively higher rise in urban inflation.

“The urban inflation rate increased by 11.67 percent (year-on-year) in August 2018 from 11.66 percent recorded in July 2018, while the rural inflation rate increased by 10.84 percent in August 2018 from 10.83 percent in July 2018.

“On a month-on-month basis, the urban index rose by 1.00 percent in August 2018, down by 0.23 from 1.23 percent recorded in July, while the rural index also rose by 0.96 percent in August 2018, down by 0.22 percent from the rate recorded in July 2018 (1.18) percent

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“The corresponding twelve-month year-on-year average percentage change for the urban index is 13.95 percent in August 2018. This is less than 14.33 percent reported in July 2018, while the corresponding rural inflation rate in August 2018 is 13.21 percent compared to 13.64 percent recorded in July 2018,” the NBS stated.

“If we could read the secret history of our enemies, we should find in each man’s life, sorrow and suffering enough to disarm all hostility.”

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Author: Jide Babalola, Abuja