This is not a good time for the local economy as the inflation rate has experienced a slight setback.
The National Bureau of Statistics on Friday released the Consumer Price Index which measures inflation with the rate rising from 11.14 per cent in July to 11.23 per cent in August.
The bureau in the report which was made available to a correspondent stated that this is the first year on year rise in headline inflation following the eighteenth consecutive decline in the inflation rate.
It said, “The consumer price index, which measures inflation increased by 11.23 per cent (year-on-year) in August 2018.
“This is 0.09 per cent points higher than the rate recorded in July 2018 (11.14 per cent) and represents the first year on year rise in headline inflation following the eighteenth consecutive disinflation.
“Increases were recorded in all divisions that yielded the Headline index.
“On a month-on-month basis, the headline index increased by 1.05 per cent in August 2018, down by 0.08 per cent points from the rate recorded in July 2018 (1.13 per cent).”