Nigeria’s Inflation Declines For Fifth Consecutive Month

The National Bureau of Statistics said on Wednesday that the Consumer Price Index, which monitors inflation, declined to 17.01 per cent in August.

NIGERIA — Nigeria’s Inflation Declines For Fifth Consecutive Month

This figure is 0.37 percentage points lower than the 17.38 per cent recorded in July of this year, according to the most recent CPI report. Since March of this year, the country’s inflation rate has been heading downward for the sixth month in a row.

Inflation fell from 18.17 per cent in March to 18.12 per cent in April, then fell again in May, June, and July to 17.93 per cent, 17.75 per cent, and 17.38 per cent, respectively.

The NBS reported that the Headline index climbed by 1.02 per cent month over month in August 2021, which is 0.09 per cent more than the 0.93 per cent recorded in July 2021.

“The consumer price index, which monitors inflation, grew by 17.01 per cent (year-on-year) in August 2021,” according to the study. This is 0.37 percentage points lower than the rate of 17.38 per cent in July 2021.

“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 per cent, showing 0.30 per cent point from 16.30 per cent recorded in July 2021”.

According to the NBS, the urban inflation rate increased from 18.01 per cent in July 2021 to 17.59 per cent in August 2021, while the rural inflation rate increased from 16.75 per cent in July 2021 to 16.43 per cent in August 2021.

The urban index increased by 1.06 per cent month over month in August 2021, marking a 0.08 per cent rise over the rate reported in July 2021, while the rural index increased by 0.99 per cent.

“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 added.

The composite food index increased by 20.30 per cent in August 2021, compared to 21.03 per cent in July 2021, according to the report.

Bread and cereals, milk, cheese, and eggs, oils and fats, potatoes, yams, and other tubers, food items, meat, and coffee, tea, and cocoa all contributed to the rise in the food index, according to the report.

The food sub-index climbed by 1.06 per cent month over month in August 2021, up 0.20 per cent points from 0.86 per cent in July 2021, according to the report.