Nigeria: Inflation inches up in August
September 14, 2015
In August, consumer prices increased 0.6% over the previous month. The print was below the 0.7% rise tallied in July and marked a 10-month low. According to the National Bureau of Statistics, all categories increased at a slower pace in August, with the exception of furnishings and household equipment maintenance, education and restaurant and hotels.
Inflation inched up from 9.2% in July to 9.3% in August, which marked the highest reading since February 2013. Annual average inflation inched up from July’s 8.5% to 8.6% in August, thereby reaching a 21-month high.
Core consumer prices, which exclude farm produce and energy prices, rose 0.6% in August over the previous month (July: +0.6% month-on-month). Core inflation rose from 8.7% in July to a 14-month high of 8.8% in August.