A research arm of the FSDH Merchant Bank, the financial analysts have predicted a slower inflation rate of 15.99 per cent for the month of August.
16.05 per cent inflation rate was reported by the National Bureau of Statistics (NBS), in July and Consumer Price Index (CPI) in August, which is used for measuring the nation’s inflation rate, may be release soon.
New report from the FSDH states that “We expect the inflation rate (year-on-year) to drop marginally to 15.99 per cent in August 2017 from 16.05 per cent reported in the month of July 2017.”
It was shown by the organization model that the general price movement in the consumer goods and services in August 2017 increased the Composite Consumer Price Index (CCPI) to 239.27 points, representing a month-on-month increase of 0.95 per cent.
“We estimate that the increase in the CCPI in August 2017 would produce an inflation rate of 15.99% marginally lower than the 16.05% recorded in July,” it was added that the anticipated fall in the inflation rate was caused by the downward movement in some list of non-food items in the Consumer Price Index (CPI) basket, as well as decrease in some food prices.
It was expected that the National Bureau of Statistics (NBS), will release the inflation rate for the month of August on September 15, 2017
“The monthly Food Price Index (FPI) that the Food and Agriculture Organization (FAO) released last week indicates that the index averaged 176.6 points in August 2017, 1.30% lower than the July 2017 value.
“According to the FAO, the decline in the FPI for August 2017 reflected generally lower values for cereals, sugar and meat than the prior month and more than compensated for the increase in the vegetable oil and dairy prices.