NIGERIA – Latest figures released by the National Bureau of Statistics (NBS) indicate that inflation rate dropped further to 16.01 per cent in August, signifying the seventh consecutive month of decline since January 2017.
The Consumer Price Index (CPI) which measures inflation increased by 16.01 per cent (year-on-year) in August 2017, indicating a 0.04 percentage points drop over the rate recorded in July (16.05 per cent).
According to the ÑBS: “This was 0.04% points lower than the rate recorded in July (16.05%), making it the seventh consecutive decline in the rate of headline year-on-year inflation since January 2017.
The urban index rose by 16.13 per cent (year-on-year) in August 2017, down by 0.09 per cent points from 16.04 per cent recorded in July while the rural index increased by 15.91 per cent in August, from 16.08 per cent in July.
The NBS’ report stated that on a month-on-month basis, the headline index rose by 0.97 per cent in August 2017, representing a 0.24 per cent points decline over the rate of 1.21 per cent posted in June.
“On a month-on-month basis, the headline index increased by 0.97 per cent in August 2017, 0.24 per cent points lower from the rate of 1.21 per vent recorded in June,” the report said.
Food inflation, it added, increased by 20.25 per cent year-on-year in August, down marginally by 0.03 per cent points from the 20.28 per cent recorded in July.
But on a month-on-month basis, the report said food sub-index increased by 1.14 per cent in August, down by 0.38 percentage points from 1.52 per cent recorded in July.