The nation’s Consumer Price Index which measures inflation rose again in August to 9.3 per cent, an increase of 0.1 per cent over the July figure, and staying above the Central Bank of Nigeria’s target upper limit, the National Bureau of Statistics said in its monthly report on Sunday. Food inflation rose marginally to 10.1 per cent year-on-year in August versus 10.0 per cent in July.
“The marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions,” the NBS said. “On a month-on-month basis, the pace of increases of food prices … has slowed, contributing to the relatively slower (overall) pace of increases,” it added. Read more