A United Nations,
agency, Food and
Agricultural Organisation,
FAO, and private sector
institutions in the country
predicted, yesterday, that
inflationary pressures may
still be on the nation’s
economy through to the end
of the year, contrary to
some indicators, which
pointed to a waning cost-
push consumer price
increases.
National Bureau of Statistics,
NBS, is expected to release
the inflation rate for the
month of August 2016 on
September 15 (tomorrow),
based on the data calendar
on its website.
Details of the components of
July 2016 inflation reported
by NBS two weeks ago, had
shown that the month-on-
month (MoM) increase in
consumer price index (CPI)
fell for a second successive
month, indicating that the
sustained pressure on
prices experienced so far in
2016 might be dissipating.
But developments in global
food baskets and economy
analysts’ research point to a
continued pressure on prices
of goods and services.
Index from the FAO showed
that the Food Price Index,
FPI, increased in August to a
15-month high, up by 1.95
per cent, compared with July,
as most commodity prices
rose in August, led by dairy,
oils and sugar.
The value of the Index in
August is the highest since
May 2015. The FAO Dairy
Index rose by 8.63 per cent
from July as prices of
cheese, whole milk powder
and butter were on the
increase.
Also, research reports by
some financial institutions
indicate that this
development, coupled with
Nigeria’s peculiar economic
challenges, were still stoking
up price movements.
Consequently, analysts at
FSDH Merchant Bank Limited
foresee inflation rising
further to 17.7 per cent in
August, from 17.1 per cent
recorded in July.
They stated: “We expect the
August 2016 inflation rate
(year-on-year) to increase
further to 17.71% from
17.13% recorded in the month
of July 2016.
“We expect the increase to
come from increase in prices
of food items and other non-
food items as a result of
continued pressure on the
value of the Naira.

cckris:
[size=20pt]Within 16 months Buhari has singlehandedly PLUNGED Nigeria's Economy into a RECESSION.
[/size]

ganisucks:
Nigerians have not seen suffering yet, and they are already complaining. In 2018 Buhari and his followers will see Shege

ganisucks:
Nigerians have not seen suffering yet, and they are already complaining. In 2018 Buhari and his followers will see Shege

Keneking:
Useless government

ganisucks:
Nigerians have not seen suffering yet, and they are already complaining. In 2018 Buhari and his followers will see Shege