NIGERIA' S INFLATION UP AGAIN, SAYS BUREAU OF STATISTICS

Year on year inflation rate in Nigeria has taken a u turn after 18 months of slow but steady decrease from heights reached in November 2016 while depression lasted.

According to figures on the Consumer Price index for August released today, Friday September 14 by the National Bureau of Statistics, the CPI rose by 11.23% in August this year, compared to 11.14% in July.

By implication, the steady decrease in the inflation rate which raised hopes of single digit rate later this year, was punctuated in August and there is no guarantee if this will be one off or signal a new surge.

The increase was driven more by the increase in year on year food index by 13.16% compared to 12.85% growth in July.

This was because, core index minus farm produce rose by only 10% in August as against 10.2% in July and so actually had decelerating effect on overall  consumer price index for the month 

The chances are that the inflation rate may continue upwards in September and beyond mainly because of political expenses that will dovetail into 2019 election and because the wonders performed by the anchor borrowers programme in agriculture is fizzling out.

As usual, according to the NBS, the prices of bread, potatoes, yam and other tubers, meat, vegetables, fish, and fruits increased the most.

Of the states, Lagos had the highest all items and less farm produce inflation rate of 12.64% and 15.79% respectively while Kano with 10.64% recorded lowest growth in less farm produce and Kwara had lowest overall of 8.25% due to 0.90% deflation recorded in food prices.


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