Nigeria’s Annual Inflation Remains Down In August
For the 7th consecutive time in a row, Nigeria’s Consumer Price Index (CPI) which measures inflation, increased by 16.01%, that is when compared to August last year.
This was lower than the rate recorded in July, which was 16.05%.
According to the National Bureau of Statistics inflation report released on Friday, on a month-on-month basis, inflation was up by 0.97% in August 2017, 0.24 percent points lower from the rate of 1.21% recorded in July.
The inflation trends were however tracked separately for urban and rural areas.
Inflation in the rural areas rose by 16.13% compared to August 2016. This is down by 0.09% point from 16.04% recorded in July.
Inflation in the rural area, on the other hand had spiked year-on-year as it increased by 15.91% in August from 16.08% in July.
However, on month-on-month basis, inflation in both rural and urban areas are coming down.
The one for the urban area rose by 0.99% in August 2017, down by 0.26% point from 1.25% recorded in July, while the rural index rose by 0.95% in August 2017, down by 0.23% point from 1.18% in July.
Meanwhile, food price pressure continued into August as all major food sub-indexes increased.
The Food Index increased by 20.25%, year-on-year, in July, down marginally by 0.03% points from the rate recorded in July which was 20.28%.
The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa.
On a month-on-month basis, the Food sub-index increased by 1.14% in July, down by 0.38 percent points from 1.52% recorded in July.
Also watch: The Prices Of Food Items In Nigeria As At August 29th 2017