BREAKING: Nigeria’s Inflation Decline For 5th Consecutive Month To 17.01%—-The Genius Media Nigeria reports that the National Bureau of Statistics on Wednesday released the Consumer Price Index which measures inflation with the rate dropping to 17.01 per cent in August.
Thus represents 0.37 percent points lower than the 17.38 percent recorded in July this year.
This is the fifth consecutive month that the country’s inflation rate will be trending downward since March this year.
It dropped from 18.17 per cent March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.
The NBS said on month-on-month basis, the Headline index increased by 1.02 percent in August 2021, adding that this is 0.09
percent rate higher than the 0.93 per cent recorded in July 2021.
The Report stated, “The consumer price index, (CPI) which measures inflation increased by 17.01 percent (year-on-year) in
“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 Report stated that the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from the 18.01 per cent
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.