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JUST IN: Nigeria inflation rate drops to 17.01%

By News Desk

The National Bureau of Statistics (NBS) has disclosed that the Consumer Price Index which measures Nigeria’s inflation has dropped by 0.37 percent to 17.01 percent in the month of August 2021.

NBS said that the drop in the Consumer Price Index report percentage released for last month represented the year-on-year performance of the country’s inflation.

According to the report released by the agency on Wednesday, the composite food index recorded within the month under review also dropped to 20.30 percent against 21.03 percent performance recorded in July.

The report indicated that the rise in the food index was caused by a hike in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products including meat and coffee, tea, and cocoa.

At the same time, the country’s urban inflation rate fell to 17.59 percent year-on-year, from 18.01 percent recorded two months ago.

Also, rural inflation rate tapered to 16.43 percent from a previous 16.75 percent, while core inflation, which excludes the prices of volatile agricultural produce, dropped by 0.31 percent to 13.41 percent from 13.72 percent recorded in July.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021,” the report further stated.

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