Nigeria’s inflation rate has dropped from 17.38 per cent in July 2021 to 17.01 per cent in the month of August 2021.
This is according to the National Bureau of Statistics (NBS) and represents the fifth consecutive decline in the rate of inflation recorded in Nigeria.
The latest figure is 0.37% points lower than what was recorded in the previous month.
However, on a month-on-month basis, the headline index increased by 1.02 per cent in August 2021, this is 0.09 per cent higher than the rate recorded in July 2021 (0.93 per cent).
Also, the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from 18.01 per cent recorded in July 2021, while the rural inflation rate increased by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
On a month-on-month basis, the urban index increased by 1.06 per cent in August 2021, up by 0.08 per cent points compared to the rate recorded in July 2021 (0.98 per cent), while the rural index also rose by 0.99 per cent in August 2021, up by 0.12 per cent points compared to the rate that was recorded in July 2021 (0.87 per cent).
In the area of food inflation, the closely watched index, which measures the rate of change in the prices of food items in the country, dropped to 20.3 per cent in August 2021, compared to 21.03 per cent recorded in July 2021.
The report attributed the rise in food index to increases recorded in the price of bread, cereals, milk, cheese and egg, oil and fats as well as tea and cocoa.
The “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.41 per cent in August 2021, down by 0.31 per cent when compared with 13.72 per cent recorded in July 2021.
