September 15, 2021

National Bureau of Statistics says Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent.

This was disclosed in the latest Consumer Price Index report released by the NBS on Wednesday

According to the report, composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

Food price inflation, the major headline component, eased 73 basis points in August to 20.30% on-month, the National Bureau of Statistics (NBS) said. Core inflation, excluding prices of farm produce, fell 31 basis points to 13.41%.

At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent 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.

“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,” the report added.

Recall that on Tuesday the Central Bank Governor, Godwin Emefiele told a banking conference in Abuja that, “We hope to bring the inflation rate before the end of the year close to 15%  and expect that the rate of inflation will continue to moderate in the following months a we approach the festive season”.