Nigeria’s inflation moderated again in August, the fifth consecutive month in 2021.
Gatekeepers News reports that the inflation rate dropped from 17.38 percent it was in July to 17.01 percent in August.
This represents 0.37 percent, according to the National Bureau of Statistics (NBS)’s ‘Consumer Price Index Report for August’ which was released on Wednesday.
On a month-on-month basis, NBS said the Headline index increased by 1.02 percent in August 2021, a 0.09 percent rate higher than the 0.93 percent recorded in July.
The report stated, “The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021.
“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.
“The percentage change in the average composite CPI for the twelve months period ending August 2021 over the average of the CPI for the previous twelve months period was 16.60 percent, showing 0.30 percent point from 16.30 percent recorded in July 2021.”
The NBS noted that the urban inflation rate increased by 17.59 percent (year-on-year) in August 2021 from the 18.01 percent recorded in July 2021, while the rural inflation rate also rose by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
On a month-on-month basis, it said that the urban index rose by 1.06 per cent in August 2021, representing 0.08 percent increase over the rate recorded in July 2021, while the rural index also rose by 0.99 per cent in August 2021.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.
“This is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021,” the Report added.
Data for the composite food index shows that it increased by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
Gatekeepers News reports that the rise was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tubers, food product, meat and coffee, tea and cocoa.
On a month-on-month basis, NBS disclosed that the food sub-index increased by 1.06 per cent in August 2021, up by 0.20 percent points from the 0.86 percent recorded in July 2021.
