Inflation rises in Nigeria

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The Consumer Price index (CPI) which
measured Nigeria’s inflation for August increased to 11.23 per cent
(year-on-year) from 11.14 per cent recorded in July and indication of
rise in inflation.
 
The National Bureau of Statistics(NBS) disclosed in its”CPI and Inflation Report” for August released on Friday in Abuja.
 
According to the Bureau, the figure is 0.09 per cent points higher than the rate recorded in July.
 
The Bureau said the figure represented
the first year-on-year rise in inflation following 18 consecutive
disinflation in headline inflation.
 
The report showed that increases were
recorded in all the Classification of Individual Consumption by Purpose
(COICOP) divisions that yielded the headline index.
 
On a month-on-month basis, NBS said the
Headline Index increased by 1.05per cent in August down by 0.08per cent
points from the rate recorded in July(1.13per cent).
 
It said the percentage change in the
average composite CPI for 12 months period ended August over the average
of CPI for the previous 12 months period.
 
It, however, measured the CPI at 13.55
per cent in the period under review, showing 0.4per cent point from
13.95per cent recorded in July.(NAN)
 
NBS also said the average cost of
refilling a five kilogramme (kg) cylinder of Liquefied Petroleum Gas
(Cooking Gas) increased to N2,054.14 in August from N2,010.45 recorded
in July.
 
In its August 2018 “Liquefied Petroleum
Gas (Cooking Gas) Price Watch” released in Abuja on Friday, it said the
price increased by 2.17 per cent month-on-month and 3.19 per cent
year-on-year in the period under review.
 
It named the states with the highest
average price for refilling a five kg cooking gas to include Bauchi N2,
490.00; Borno N2, 400.00; and Gombe N2, 354.55.
 
It said the states with the lowest
average price for the refilling of a five kg cooking gas were Kaduna N1,
825.00; Kano N1, 800.00; and Enugu N1, 791.11.
 
According to the bureau, the average
price for refilling a 12.5kg cylinder for cooking gas increased in
August to N4, 366.48 from N4, 244.35 in July.
 
It said the price increased by 2.17 per cent month-on-month and 3.19 per cent year-on-year in the period under review.
 
“States with the highest average price
for the refilling of a 12.5kg cylinder cooking gas are Benue N5, 100.00;
Akwa Ibom N4, 750.25 and Cross River N4, 733.33.
 
“Also, states with the lowest average
price for the refilling of a 12.5kg cylinder for cooking gas are Katsina
and Kebbi N4, 000.00; Lagos N3, 952.38 and Oyo N3, 948.13.
 
The bureau also said the price of Premium
Motor Spirit (Petro) also increased to N146.90 in August from N146.80
recorded in July.
 
The NBS also said in its August 2018
“Premium Motor Spirit (Petro) Price Watch” released in Abuja, that the
average price paid by consumers for petrol increased by 1.7per cent
year-on-year and 0.1 per cent month-on-month.
 
It said the price of petrol increased to N146.90 in the period under review from N146.80 recorded in July.
 
It said the states with the highest average price of petrol were Borno N157.00; Kebbi N152.94 and Kwara N152.86.
 
It also named the states with the lowest average price of petrol to include Ekiti N144.23; Katsina N144.08 and Bauchi N143.89.