The rate of inflation in Nigeria has risen for the first time since it commenced decline in January 2017.

This was disclosed yesterday in the latest inflation report published by the National Bureau of Statistics, NBS.

inflation

According to the report, the rate at which prices of goods and services increased in August rose to 11.23% from 11.14%.

The report said: “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.

“Increases were recorded in all divisions that yielded the Headline Index. On a month-on-month basis, the Headline Index increased by 1.05 percent in August 2018, down by 0.08 percent points from the rate recorded in July 2018 (1.13) percent).”