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(NIGERIA)    
Inflation Rate Dips by 1.6% - Bureau of Statistics
The National Bureau of Statistics (NBS) has said in its latest Consumer Price Index (CPI) for the month of August 2008, that the inflation rate year-on-year in Nigeria has declined to 12.4 per cent; indicating a 160 basis points decrease from 14 per cent at which it stood in the preceding month of July 2008. According to NBS, the Composite Consumer Price Index (CCPI), however went up by 1.2 per cent to 190.3 points from 188.1points recorded in the previous month; noting that the increase in the index was caused mainly by the rise in the prices of some staple food items such as diesel, kerosene, gas and building materials.

The percentage change in the average CPI for the 12-month period ending August 2008 over the preceding 12-month period ending was 8.5 per cent slightly higher than 7.8 per cent as at July 2008. The NBS report showed that the twelve-month period change of 8.5 per cent is the highest so far recorded in the last onehalf year. According to the bureau, "The 'All Items Less Farm Produce' index which excludes the prices of agricultural produce was 187.1 in August 2008.

The index was up by 0.7 per cent when compared with July 2008 figure"; observing that "In the 12- month to August 2008, the index rose by 3.9 per cent while the average annual rate of rise of the index was 4.8 per cent for the 12-month period ending August 2008". The report also showed that the food index rose by 1.2 per cent in the month under review; attributing the rise in the index to the increase in the prices of staple foods like yam, guinea corn, millet, rice, fish, as well as, cooking oils and some non-alcoholic beverages..
Kingsley Amajiri

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