The National Bureau of Statistics (NBS), on yesterday released the Consumer Price Index (CPI) for the month of August showing that headline inflation jumped further to 17.6 per cent (year-on-year), up by 0.5% points from 17.1 per cent in July.
On a month-on-month basis, it rose 1.0 per cent, slower than previous month’s 1.3 per cent.
The rise, according to the bureau, was driven mainly by housing, water, electricity, gas and other fuel, education and transportation services, with food inflation at 16.4 per cent from 15.8 per cent in July, driven by imported food items, meat, fish, bread and cereals.
Core sub-index, which measures prices of all items, except agricultural products rose by 17.2 per cent year-on-year in August, from 16.9 per cent in previous month, with highest increases coming from vehicle spare parts, clothing and footwear liquid fuel, solid fuel, books and stationery.
“The percentage change in the average composite CPI for the 12-month period ending in August 2016 over the average of the CPI for the previous twelve-month period was 12.7 percent, higher from 12.0 percent recorded in July. The corresponding 12-month year-on-year average percentage change for the urban index increased from 12.8 percent in July to 13.6 percent in August, while the corresponding rural index also increased from 11.4 percent in July to 12 percent in August,” the bureau explained.
Urban inflation index was up 19.3 per cent from 18.9 per cent and rural index by 16.1 per cent from 15.5 per cent.
Meanwhile, average price of Premium Motor Spirit (petrol) for the period fell to N147.30 per litre in August, from N147.70, after selling for N148.50 and N150.3 in June and May respectively.
The highest prices were recorded in Bayelsa, N164.20/l; N155 in Kogi; and N154.30 in Nassarawa; while it sold for the fixed N147 per litre in most other states.
The lowest prices, according to the report came from Taraba, N143.30 per litre; Plateau, N144.40; and Borno, N143.70.
The price of Automotive Gas Oil (diesel) averaged N196.53 per litre, as against N206.55 in July, with Benue, Nassarawa and Zamfara having the highest prices of N210, N208.80 and N206.80 per litre. The lowest prices were recorded in Adamawa, N190/litre; Yobe, N189.60; and Sokoto, N188.60.
Kerosene, which is used as cooking fuel in most lower and middle-class households however sold for N298.19 per litre, down from N310.29 in July, selling at its highest price in Kano, N374.40 per litre; Imo, N368.50; and Taraba, N368.18. The lowest prices were in Kwara, N244.40; Benue, N241.60; and Katsina, N233.10.
Also, the highest price per gallon was recorded in August from Gombe, where it sold at N1,125 per gallon in August, N1,217 average in Nassarawa; and N1169 in Kano. States with the lowest prices were Abia, N957 per gallon; Anambra, N933 and Abuja, N916, as against the average of N1,059 per gallon.
