Inflation rate hits 11.23% in August

The National Bureau of Statistics on Friday released the Consumer Price Index which measures the inflation rates, the rate rose from 11.14 per cent in July  to 11.23 per cent in August 2018.

The bureau in the report stated that this is the first year on year rise in headline inflation following the eighteenth consecutive decline in the inflation rate.

It said, “The consumer price index, which measures inflation increased by 11.23 per cent (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 consecutive disinflation  while On a 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).”