Nigeria inflation hits 17.6 percent in August


Nigeria’s inflation for August has risen to 17.6 percent, the country’s National Bureau of Statistics (NBS) said on Friday.

In a statement, the bureau said that the Consumer Price Index, which measured inflation, increased to 17.6 percent (year-on-year) in August from 17.1 percent recorded in July.

Increases were recorded in all classification of individual consumption by purpose divisions, which contributed to the headline index reflecting higher prices across the board, the NBS said.

Also, urban and rural prices continued to rise in the month of August.

Urban inflation rate increased in the month to 19.3 percent (year-on-year) from 18.9 percent recorded in July, while the rural inflation rate increased to 16.1 percent, up from 15.5 percent the previous month, the NBS report added.