Nigeria’s inflation rose for the first time in August since it started its decline in January 2017.
The National Bureau of Statistics (NBS) made this known in its latest inflation report published on Friday.
The NBS report for August 2018 showed that the inflation rate measured by the Consumer Price Index (CPI), rose to 11.23 per cent from the 11.14 per cent recorded in June 2018.
This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14) per cent and represents the first year on year rise in headline inflation following eighteenth consecutive disinflation in headline inflation, the NBS report said.
The report said on a month-on-month basis, the Headline index increased by 1.05 per cent in August 2018, down by 0.08 per cent points from the rate recorded in July 2018 (1.13) per cent).
According to the Bureau, the percentage change in the average composite CPI for the twelve months period ending August 2018 over the average of the CPI for the previous twelve months period was 13.55 per cent, showing 0.4 per cent point from 13.95 per cent recorded in July 2018.
Concise News understands that the Consumer Price Index measures the average change over time in prices of goods and services consumed by people for a day-to-day living.
The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the economy of Nigeria.
The selection of the market basket of goods and services is key to the construction of the price index.
On a monthly basis, 10,534 informants spread across the country provide price data for the computation of the CPI and the market items currently comprise of 740 goods and services regularly priced.