Business
Inflation Declined by 0.04 Percent in August – NBS
Nigeria’s National Bureau of Statistics has released latest figures for inflation in Aug. 2017.
The figures released showed a decline of 0.04 percent from the 16.05 recorded in July 2017.
According to the NBS “On a month-on-month basis, the Headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.
“The percentage change in the average composite CPI for the twelve-month period ending in August 2017 over the average of the CPI for the previous twelve-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.
“The Urban index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from 16.04 percent recorded in July, and the Rural index increased by 15.91 percent in August from 16.08 percent in July.” the NBS said.
Petrol Price Decreased
Average price paid by consumers for premium motor spirit (petrol) decreased by 1.9% year-on-year and by -2.5% month-on-month to N144.4 in August 2017 from N148.2 in July 2017.
States with the highest average price of premium motor spirit (petrol) were Plateau (N146.4), Rivers (N145.8) & Zamfara (N145.4).
States with the lowest average price of premium motor spirit (petrol) were Nasarawa (N143), Oyo (N143.2) and Lagos & Ondo (N143.3).
Kerosene Price Decreased
Average price per litre paid by consumers for National Household Kerosene decreased by 19.60 percent month-on-month and by 24.37 percent year-on-year to N225.52 in August 2017 from N280.49 in July 2017.
States with the highest average price per litre of kerosene were Ogun (N285.00), Plateau (N281.66) & Kogi (274.71).
States with the lowest average price per litre of kerosene were Rivers (N181.59), Yobe (N197.62) and Osun (N197.92).
Food Prices Fluctuate
Selected food price watch data for August 2017 reflected that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 28.11 percent and decreased month-on-month by 2.67 percent to N485.19 in August 2017 from N498.50 in July 2017 while the average price of piece of Agric eggs medium size (price of one) increased year-on-year by 26.25 percent and decreased month-on-month by 3.16 percent to N42.92 in August 2017 from N44.32 in July 2017.
The average price of 1kg of tomato increased year-on-year by 46.26 percent and month-on-month by 1.82 percent to N401.30 in August 2017 from N394.13 in July 2017
Transportation Decreased
The transport fare watch report for August 2017 covers the following categories namely bus journey within the city per drop constant route ; bus journey intercity, state route, charge per person; air fare charge for specified routes single journey; journey by motorcycle (okada) per drop; and water way passenger transport.
Average fare paid by commuters for bus journey within the city decreased by 3.45 percent month-on-month and increased by 40.61 percent year-on-year to N130.29 in August 2017 from N134.95 in July 2017.
Diesel Price Also Decreased
Average price paid by consumers for automotive gas oil (diesel) decreased by 0.70% month-on-month and 0.15% year-on-year to N196.23 in August 2017 from N197.62 in July 2017.
States with the highest average price of diesel were Sokoto (N227.86) Imo (N225.87) and Niger (N224.23).
States with the lowest average price of diesel were Abia (N175.83), Ebonyi (N174.29) and Osun (N170.36).
Cooking Gas Price Dropped
Average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) decreased by 10.58 percent month-on-month and 3.25 percent year-on-year to N1,990.71 in August 2017 from N2,226.21 in July 2017.
States with the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Edo (N2,240.63), Akwa Ibom (N2,214.29) & Anambra (2,207.69).
States with the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) were Abuja (N1,740.00), Ogun (N1,721.43) and Adamawa N1,720.00).
