Inflation rose to 8.5% in August on food prices


Inflation in Nigeria rose to 8.5% in August according to data released by The National Bureau of Statistics (NBS) on Sunday.

The increase in the price of food items has pushed up the inflation rate to 8.5%. This is the sixth consecutive month of year-on-year increase in the inflation index.

The Food index edged higher to 10.0 percent in August, from 9.9 percent recorded in July. Prices were pushed higher as a result of higher prices in a broad array of Food groups that contribute to the index.

Prices were however slowed by a muted increase in the Bread and Cereals group. Increase in prices in the All Items less Farm Product or Core sub-index continued to be muted for the second consecutive month, after increasing at a faster pace for the previous three months. Prices rose by 6.1 percent (year-on-year), 0.9 percentage points lower from the rate recorded in July.

The Core Index and the Food Index together make up the headline inflation (Consumer Price Index ) number. The CPI eport noted that the 8.5% recorded in August represents an increase of 0.2 percentage point over the 8.3% recorded in July.


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