JUST IN: Good news for Nigerians as inflation slows for the first time in 2016

The Cable reports that something good is happening with inflation in Nigeria.

Consumer Price Index (CPI) is reportedly narrowing, for the first time in 2016, as the harvest season causes an important impact on rising inflation.

The National Bureau of Statistics (NBS) said that the inflation rate rose by 0.48 percentage point from 17.13% to 17.61%, showing the slowest growth in 2016.

The NBS said: “The major divisions responsible for accelerating the pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services.

READ ALSO: Recession: Now is not the time to lament – Agbakoba

 “The Food Index rose by 16.4 percent (year-on-year) in August, up by 0.6 percent points from 15.8 percent recorded in July.

“During the month, all the major food groups contributed to the increase in the Food sub-index, however the pace of increase was slowed by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats, which reported slower increases during the month.”

The significant the latest report is that there will be continuous rise in the general price level of goods and services in the country.

Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2% (year-on-year) in August, up by 0.3 percentage points from rates recorded in July (16.9%).

During the month, the highest increases were seen in solid fuels, vehicles parts books & stationeries and clothing and other articles of clothing.

READ ALSO: Buhari, APC and the road to 2019

On a month-on-month basis, the Headline index rose by 1.0 % in August, marginally lower than the 1.3% recorded in July.

Nigeria has seen its economy slide into recession for the first time in more than 20 years, mainly due to the impact of low oil prices. Crude oil sales account for 70 % of government revenue.

The post JUST IN: Good news for Nigerians as inflation slows for the first time in 2016 appeared first on Nigeria News today & Breaking news | Read Naij.com 24/7.

from Nigeria News today & Breaking news | Read Naij.com 24/7 http://ift.tt/2ciPiSB
via IFTTT