Nigeria’s inflation has risen for the first since it started its decline in January 2017 after crawling out of recession.
According to the latest inflation report published by the National Bureau of Statistics on Friday, the rate at which prices of goods and services increased in August rose to 11.23% from 11.14% the previous month.
“The consumer price index, (CPI) which measures inflation increased by 11.23 percent (year-on-year) in August 2018. This is 0.09 percent points higher than the rate recorded in July 2018 (11.14) percent and represents the first year on year rise in headline inflation following eighteenth consecutive disinflation in headline inflation,” the report read.
“Increases were recorded in all COICOP divisions that yielded the Headline index. On month-on-month basis, the Headline index increased by 1.05 percent in August 2018, down by 0.08 percent points from the rate recorded in July 2018 (1.13) percent).”