Inflation rises in Nigeria after 18 months decline

Inflation rises in Nigeria after 18 months decline

The National Bureau of Statistics (NBS) has disclosed that inflation in Nigeria has risen to 11.23% from 11.14% for the first time since it started its decline in January 2017.

The NBS in a series of tweets on Friday, September 14, stated that the Consumer Price Index (CPI) which measures inflation increased by 0.09 percent to 11.23% (year-on-year) in August compared to 11.14% in the preceding month.

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“The consumer price index, which measures inflation increased by 11.23 per cent (year-on-year) in August 2018," the NBS stated.

“This is 0.09% points higher than the rate recorded in July 2018 (11.14%) and represents the first year on year rise in headline inflation following the eighteenth consecutive disinflation.

“Increases were recorded in all divisions that yielded the Headline index.

“On a month-on-month basis, the headline index increased by 1.05 per cent in August 2018, down by 0.08% points from the rate recorded in July 2018 (1.13%).”

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Meanwhile, Nigeria’s finance minister, Kemi Adeosun, has allegedly resigned, an unconfirmed report by Daily Trust quoting anonymous sources stated.

The newspaper, however, said it did not have information about when Adeosun submitted her resignation letter.

The source cited by the newspaper said the resignation followed the allegation of not participating in the compulsory National Youth Service Corps (NYSC) and obtaining a certificate that the NYSC have disowned.

The minister, according to the report, felt that her position is becoming untenable and is hurting President in Muhammadu Buhari in the run up to the 2019 election..

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