For the first time since the Organisation of Petroleum Exporting Countries and its alliance of 10 other oil states partnered to control oil output in January, Nigeria’s inflation rate has risen.
Figures released from the office of the Nigerian Bureau of Statistics (NBS), shows that the cost of products has increased by 0.09 per cent from July to August.
“The Consumer Price Index (CPI) which measures inflation increased by 11.23 percent (year-on-year) in August 2018. This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14) per cent and represents the first year-on-year rise in headline inflation following the 18th consecutive disinflation in headline inflation,” the excerpt read.
Nigeria’s inflation rate reached lows of 18.6 per cent in December 2016, before it began its steady rise in January 2017.
“Increases were recorded in all COICOP divisions that yielded the headline index. On month-on-month basis, the headline index increased by 1.05 per cent in August 2018, down by 0.08 per cent points from the rate recorded in July 2018 (1.13 per cent),” the report explained.
The OPEC plus coalition is supposed to end in 2018. It is not known yet if it would be extended.