Unic Press UK: Nigeria’s National Bureau of Statistics (NBS) has issued its report for August 2016; and Nigeria’s economic situation appears to be deteriorating rapidly given the changes in the Consumer Price Index (CPI) that measures the average change over time in the prices of goods and services.
Excerpts from NBS August 2016 report reads:
“In August the Consumer Price Index (CPI) which measures inflation increased by 17.6% (year-on-year), 0.5% points higher from the rate recorded in July (17.1%). Increases were recorded in all COICOP divisions which contribute to the Headline index reflecting higher prices across the board. The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.
“The Food Index rose by 16.4 percent (yearon-year) in August, up by 0.6 percent points from 15.8 percent recorded in July. During the month, all the major food groups contributed to the increase in the Food sub-index, however the pace of increase was slowed by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats, which reported slower increases during the month. In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.2% points from July to 20.7% in August.
“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 percent (year-on-year) in August, up by 0.3 percentage points from rates recorded in July (16.9 percent). During the month, the highest increases were seen in Solid fuels, Vehicles parts Books & Stationeries and Clothing and other articles of clothing.
“On a month-on-month basis, the Headline index rose by 1.0 percent in August, marginally lower than the 1.3 percent recorded in July. This is the third consecutive month of a slower pace of increase in the Headline Index.“
