The Cheer News

CPI: Inflation Drops To 11.02% In August


Consumer Price Index (CPI) report, for the month of August 2019, showed that inflation dropped to 11.02 per cent year-on-year in August  from 11.08 per cent year-on-year in June.

According to the the National Bureau of Statistics (NBS), this represents a -6 per cent drop.

The headline index, on a month-on-month basis, rose at a slower pace of 0.99 per cent against 1.01 per cent in June 2019.

Food inflation rose by 13.17 per cent year-on-year in the review period, a slower increase relative to 13.39 per cent year-on-year recorded in July.

Notably, the highest increases were recorded in the prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers and Fish.

READ ALSO: Kaduna Deploys Technology For Data Collection

On a month-on-month basis, food inflation increased at a slower pace by 1.22 per cent, relative to the 1.26 per cent recorded in the previous month.

Also, core inflation tapered to 8.68 per cent year-on-year against 8.80 per cent in July.

The highest increases were recorded in the prices of Cleaning, Repair and hire of clothing, Repair of household appliances, Hospital services, Glassware, tableware and household utensils, Passenger transport by air and repair and hire of footwear.

On a month-on-month basis, the core index increased by 0.67 per cent, 10bps higher than 0.77 per cent reported in July.

Related posts

Nigeria Will Honour Infrastructural Agreement With China – Buhari


Africa’s Energy Crisis: Why is Production Waning?


How Federal, State, Local Governments Shared N720.880b


Leave a Comment