Latest information made available by the National Bureau of Statistics shows that Consumer Price Index, used to measure inflation, has increased from 17.1 per cent in July to 17.6 per cent in August. From the report, it is noticeable that the rise was caused by increases in the price of electricity, gas, fuel and housing. It said the urban index increased to 19.3 per cent (year-on-year) in August from 18.9 per cent recorded in July, while the rural index increased to 16.1 per cent in August from 15.5 per cent in July. On a month-on-month basis, it added that both urban and rural index increased at a slower pace.
The report read in part, “In August, the CPI which measures inflation increased by 17.6 per cent (year-on-year), 0.5 per cent points higher from the rate recorded in July (17.1 per cent).
“The major divisions responsible for accelerating the pace of the increase in the headline index were housing, water, electricity, gas and other fuel, education and transport services.”
In terms of food index, the report said imported food items as well as other necessary inputs to producing key local staples such as bread continue to drive the food index higher with the highest price recorded in meat, fish, bread and cereals.