The Consumer Price Index (CPI) which measures inflation has shown a marginal improvement, for the seventh consecutive time since January 2017, the National Bureau of Statistics (NBS) has said.
The NBS, in a report issued in Abuja yesterday, put the CPI at 0.04 percent points lower than the 16.05 percent recorded in June.
“Increases were recorded in all COICOP divisions that yield the Headline Index,” it said.
“On a month-on-month basis, the Headline Index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.
“The percentage change in the average composite CPI for the 12-month period ending in August 2017 over the average of the CPI for the previous 12-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.
“The Urban Index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from the 16.04 percent recorded in July, and the Rural Index increased by 15.91 percent in August from 16.08 percent in July.
“On a month -on-month basis, the Urban Index rose by 0.99 percent in August 2017, down by 0.26 percent point from 1.25 percent recorded in July, while the rural index rose by 0.95 percent in August 2017, down by 0.23 percent point from 1.18 percent in July,” the NBS stated in the report entitled ‘Consumer Price Index August 2017’.
The corresponding 12- month year-on-year average percentage change for the Urban Index increased from 18.43 percent in July to 18.15 percent in August, while the corresponding rural index also increased from 16.60 percent in July to 16.58 percent in August.
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