Nigeria’s Inflation Rate Dips By 0.37% -NBS Report

The National Bureau of Statistics (NBS) in its report said, the consumer price index, (CPI) which measures inflation increased by 17.01 percent (year-on-year) in August 2021.

This, the Bureau said, was 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent. Increases were recorded in all COICOP divisions that yielded the Headline index.

TheFact Nigeria reports that the reduction by 0.37 will not translate into direct reduction in prices of food stuffs as some Nigerians may expect.

NBS said, on month-on-month basis, the Headline index increased by 1.02 percent in August 2021, this is 0.09 percent rate higher than the rate recorded in July 2021 (0.93) percent.

It said, 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.

It said, the urban inflation rate increased by 17.59 percent (year-on-year) in August 2021 from 18.01 percent recorded in July 2021, while the rural inflation rate increased by 16.43 percent in August 2021 from 16.75 percent in July 2021.

On a month-on-month basis, NBS said, the urban index rose by 1.06 percent in August 2021, up by 0.08 the rate recorded in July 2021 (0.98), while the rural index also rose by 0.99 percent in August 2021, up by 0.12 the rate that was recorded in July 2021 (0.87) percent.

It said, 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.

NBS in the report said, the composite food index rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.

The Bureau said, the 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 product n.e.c, Meat and Coffee, tea and cocoa.

It said, on month-on-month basis, the food sub-index increased by 1.06 percent in August 2021, up by 0.20 percent points from 0.86 percent recorded in July 2021.

It said, the average annual rate of change of the Food sub-index for the twelve-month period ending August 2021 over the previous twelve-month average was 20.50 percent, 0.34 percent points from the average annual rate of change recorded in July 2021 (20.16) percent.

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