Consumer Price Index report released by the National Bureau of Statistics indicates that inflation in Nigeria had slightly increased to 8.3 per cent in July, from 8.2 per cent recorded in June driven mainly by an increase in the prices of bread, meat and cereals.
“In July 2014, the CPI which measures inflation, edged higher from the previous month. Prices rose by 8.3 per cent (year-on-year), up by 0.1 percentage points from 8.2 per cent recorded in June This is the fifth consecutive month of year-on-year increases in the Headline index. The faster pace of price increases recorded in the Headline index were as a result of an increase in multiple divisions that contribute to the Headline index.”
On a month on month basis however, the increases in urban prices eased as Urban Headline index in July increased by 0.70 per cent, indicating 0.1 percentage points lower from the June.
Rural prices also exhibited the same trend over the period, increasing by 8.1 per cent from eight percent in the preceding month. “As was the trend with urban prices, the Rural All-items index rose at a slower pace by 0.60 percent in July, down from 0.74 percent in June,” it said.