Inflation drops to 17.01 percent August in Nigeria, says NBS

*National Bureau of Statistics (NBS) in its latest report discloses the rise in food index in August was caused by surges in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam, and other tuber, food products in the Nigerian markets

Emmanuel Akosile | ConsumerConnect

The National Bureau of Statistics (NBS), in Nigeria, has disclosed in its latest report, that the country’s inflation rate plummeted further by 0.37 percent to 17.01 percent August 2021.

ConsumerConnect reports the NBS noted the rate decreased to 17.01 percent (year-on-year) from the 17.38 percent recorded July this year.

Foodstuffs market in Nigeria

The Bureau noted this development in the Consumer Price Index (CPI) report the Federal regulatory agency just released.

The report stated that Composite Food Index also dropped to 20.30 percent against 21.03 percent in July.

It stated in the report: “This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products, meat and coffee, tea and cocoa.”

Similarly, the Bureau also noted the country’s urban inflation rate fell to 17.59 cent year-on-year, from 18.01 percent recorded two months ago, rural inflation rate tapered to 16.43 percent from a previous 16.75 percent.

The core inflation, which excludes the prices of volatile agricultural produce, dropped by 0.31 percent to 13.41 percent in from 13.72 percent recorded in July, the NBS report stated.

The report said: “The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.

This is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021.”

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