Business News Edition:Inflation rate remains 9.2%

The National Bureau of Statistics on Wednesday released the Consumer Price Index for July 2015, stating that the nation’s inflation rate had remained unchanged at 9.2 per cent.

The actual CPI released by the bureau came against experts’ forecast, which had predicted that the rate could increase to 9.4 per cent.

In the CPI report, which was made available to our correspondent, the bureau said the 9.2 per cent figure was the same rate at which the index grew in June.

The report said, “In July, the CPI, which measures inflation, rose by 9.2 per cent (year-on-year), unchanged from the rate recorded in June.

“The headline index has held at the same rate for the second consecutive month as a result of muted rises in the food and non-alcoholic beverages, housing, water, electricity, gas and fuel, among others.”

On a month-on-month basis, the report said the pace of the increase in the headline index eased for the second consecutive month, increasing by 0.7 per cent in July, from 0.9 per cent recorded in June.

It stated that the urban index increased by 9.2 per cent (year-on-year), also relatively unchanged from the rate recorded in June, while the rural index increased marginally by 9.2 per cent, from 9.1 per cent in June.

On a month-on- month basis, both the urban and rural indices increased by 0.7 per cent, lower from 0.9 per cent recoded in June.

Meanwhile, the bureau also released the petrol price watch for the month of July, which showed that the average price that consumers paid for the petroleum product was N107.4 per litre as against the approved pump price of N87 per litre.

The report, which was also made available to our correspondent, was based on the actual amount spent by households in the purchase of petrol across the country.

[Punch]