Yemisi Izuora
The National Bureau of Statistics (NBS) has said that inflation rose in August to 9.3 per cent, which represents an increase of 0.1 per cent over the July figure.
Consumer Price Index (CPI) indicated that the figure is above the Central Bank of Nigeria’s upper limit.
The NBS monthly report also stated that food inflation rose marginally to 10.1 per cent year-on-year in August compared to the recorded 10.0 per cent in July.
“The marginal increase was as a result of slower increases in alcoholic beverages, tobacco and kola, health, transport and recreation and culture divisions,” the NBS said.
“On a month-on-month basis, the pace of increases of food prices … has slowed, contributing to the relatively slower (overall) pace of increases,” it added.
The nation’s inflation rate is the highest on record since February 2013.