Inflation Rate Jumps To 17%

The National Bureau of Statistics on Wednesday released the Consumer Price Index which measures inflation rate with the index increasing by 0.6 percentage points from 16.5 per cent in June to 17.1 per cent in July.
The bureau in the report attributed the increase to high energy prices which it added impacted negatively on the index.
Kemi Adeosun2
It said despite the fact that the country is in a period of harvest, it had yet to feel the impact as food prices was still on the increase.
The report reads in part, “In July the Consumer Price Index which measures inflation increased by 17.1 per cent (year-on-year), 0.6 percentage points higher from the rate recorded in June (16.5 per cent).
“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; health, transport and recreation and culture divisions.
“Energy and energy related prices continue to be the largest increases reflected in the Core sub-index.
“In July, the Core sub-index increased by 16.9 per cent during the month, up by 0.7 per cent points from rates recorded in June (16.2 per cent).”

Author: News Editor

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