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Inflation rate hits 9.3%

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By Emeka Anaeto, Economy Editor

Inflation rate trend has resumed an upward swing again after a month of relative stability, going by August 2015 figures which shows the inflation rate at 9.3 percent, up from 9.2 percent recorded in July 2015.

Inflation rate had been on a steady rise since this year making a temporal halt in July, which maintained same as June 2015.

However, the rate of inflationary pressure had been considered less intense by the report of the National Bureau of Statistics, NBS, yesterday.
Reporting for the month of August, the bureau explained that the marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions.

“On a month-on-month basis, the pace of increases of food prices as reflected by the Food Sub-index has slowed, contributing to the relatively slower pace of increases reflected on the year-on-year rates between July and August,” NBS said.

The Food Sub-index rose by 10.1 percent (year-on-year) in August, slightly higher from 10.0 percent in July.

While significant increases were observed in major groups within the index (bread and cereals, meats and fish), the index was moderated upon by a slower increase in the fruit, vegetables, potatoes, yams and other tubers groups.

The advances recorded by the “All Items less Farm Produce” or core sub-index increased at a faster pace in August relative to July. The core sub-index increased by 9.0 percent in August (year-on-year), 0.2 percentage points from 8.8 percent in July.

The most intense pressures were recorded in the housing water, electricity, gas and other fuels, education, restaurants and hotels; and miscellaneous goods and services divisions.

The pace of increases slowed in the health, transportation, recreation and culture divisions.

On a month-on-month basis, the pace of the increase in the headline index eased for the third consecutive month. The headline index increased by 0.6 percent in August, marginally lower from 0.7 percent in July.

The Urban Index increased by 9.2 percent (year-on-year), increasing at the same pace for three consecutive months, while the Rural Index increased 0.2 percentage points to 9.4 percent, from 9.2 percent in July.

On a month-on-month basis, both the Urban and Rural indices increased at a slower pace, increasing by 0.6 percent in August. The Urban and Rural indices both grew by 0.7 percent in July.

The percentage change in the average composite Consumer Price Index, CPI, for the 12 month period ending in August over the average of the CPI for the previous 12-month period (2013 – 2014) was 8.6 percent, marginally higher from the 8.5 percent rate recorded in July.

The corresponding 12-month year-on-year average percentage change for the Urban index increased marginally from 8.5 percent to 8.6 percent, while the corresponding Rural index also edged higher to 8.5 percent in August from 8.4 percent in July.

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