The National Bureau of Statistics (NBS) has said that Consumer Price Index (CPI) which measures inflation has reached a record high of 17.61per cent in August, 0.5 per cent points higher from 17.1 per cent in July.
In its Consumer Price Index (CPI) report released today, NBS stated that increases were recorded in all COICOP divisions which contribute to the headline index ,reflecting higher prices across the board.
The bureau stated that major divisions responsible for accelerating pace of the increase in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education and Transportation Services..
According to the report, “The Food Index rose by 16.4 per cent (year-on-year) in August, up by 0.6 per cent points from 15.8 per cent recorded in July.
“During the month, all the major food groups contributed to the increase in the Food sub-index, however the pace of increase was slowed by Fruits, Potatoes, Yam and other Tubers as well as Oils and Fats, which reported slower increases during the month.
“In addition, imported foods as reflected by the Imported Food Sub-index increased by 0.2 per cent points from July to 20.7 per cent in August
“Price movements recorded by the All Items less farm produce or Core sub-index increased by 17.2 per cent (year-on-year) in August, up by 0.3 percentage points from rates recorded in July (16.9 percent). During the month, the highest increases were seen in Solid fuels, Vehicles parts Books and Stationeries and Clothing and other articles of clothing.
“On a month-on-month basis, the Headline index rose by one per cent in August, marginally lower than the 1.3 per cent recorded in July. This is the third consecutive month of a slower pace of increase in the Headline Index.”
Report by NBS stated that urban index increased by 19.3 per cent in August from 18.9 per cent recorded in July, while the rural index increased by 16.1 per cent in August from 15.5 percent in July.
The report explained: “On a month-on-month basis, both Urban and Rural index increased at a slower pace, as Urban index rose by 0.9 per cent in August from 1.4 per cent in July, while the Rural index rose by 1.09 percent from 1.12 percent in July.
“The percentage change in the average composite CPI for the twelve-month period ending in August 2016 over the average of the CPI for the previous twelve-month period was 12.7 per cent, higher from 12 percent recorded in July.
“The corresponding twelve-month year-on-year average percentage change for the urban index increased from 12.8 per cent in July to 13.6 per cent in August, while the corresponding rural index also increased from 11.4 per cent in July to 12 per cent in August,” the report added.
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