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Inflation Rates (Percent)



Month June July August
All Items (Year on Change) 11.23 11.14 11.23
All Items (12 Months Avg. Change) 14.37 13.95 13.55
Food (Year on Change)/1 12.98 12.85 13.16
Food (12 Months Avg. Change)/1 17.75 17.10 16.50
All Items Less Farm Produce (Year on Change)/2 10.39 10.18 10.02
All Items Less Farm Produce (12 Months Avg. Change)/2 11.65 11.48 11.28
All Items Less Farm Produce and Energy (Year on Change)/3 11.19 10.81 10.62
All Items Less Farm Produce and Energy (12 Months Avg. Change)/3 12.25 12.11 11.93
New base period for Consumer Price Indices is November 2009
Year on change in per cent is year-on-year or annualized inflation rate
Computation of the 12-month average change is based on 12-month moving average
/1 Food inflation rate is also called the non-core inflation
/2 All items less farm produce is otherwise known as core inflation
/3 All items less farm produce and energy is another type of core inflation
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Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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