Nigeria’s inflation rate drops for seventh consecutive month, says NBS

The National Bureau of Statistics (NBS) yesterday said Nigeria’s inflation rate dropped from 16.05 per cent in July to 16.01 per cent in August. The NBS made this known in its Consumer Price Index (CPI) report, which measures inflation.

The development, the NBS noted, is the seventh consecutive month in which the index would be declining since January this year. “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, and the rural index increased by 15.91 per cent in August from 16.08 per cent in July.

“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28 per cent (year-on-year) in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent).

“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.” According to the NBS, food index reduced by 0.03 per cent to stand at 20.25 per cent, down from 20.28 per cent recorded in July.

“Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25 per cent (year-on-year) in July, down marginally by 0.03 per cent points from the 20.28 per cent recorded in July,” the report stated.

NBS data also revealed that food prices recorded an eight-year high in July this year.