Nigeria Inflation Rate Drops Further To 17.01% in August

Nigeria Inflation Rate Drops Further To 17.01% in August, A fifth consecutive Decline

Nigeria inflation rate has dropped by 0.37% to 17.01% (year-on-year) in August 2021, from the 17.38% prior reported in July.

This information is according to the “consumer price index report” as published by the National Bureau of Statistics. NBS.

According to NBS, the composite food index also dropped to 20.30 percent as against July’s 21.03%.

The report from the NBS says; 

“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,”.

In addition, the country’s urban inflation rate fell to 17.59% year-on-year, as against the 18.01% recorded two months ago, while rural inflation rates pointed to 16.43% from the previous 16.75%.

As for core inflation which excludes the prices of volatile agricultural produce dropped by 0.31% to 13.41% as against the 13.72% recorded in July 2021.

The National Bureau of Statistics further stated that;

“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 current Nigeria inflation rate was released two days after the Central Bank of Nigeria CBN, expressed optimism that Nigeria’s inflation rate may drop to a single digit in 2022.