Nigeria’s Inflation Rate Falls To 17.01% In August 2021, 5th Consecutive Decline

source: brandnewsday
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The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate in August this year dropped to 17.01% compared to 17.38% reported in July 2021. Brand News Day Nigeria noted that the fall represents the fifth consecutive decline in the rate of inflation recently recorded in Nigeria. The latest figure is 0.37% represents lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02% in August 2021, this is 0.09% higher than the rate recorded in July 2021 (0.93%). The urban inflation rate increased by 17.59% (year-on-year) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75% in July 2021. On a month-on-month basis, the urban index rose by 1.06% in August 2021, up by 0.08% points compared to the rate recorded in July 2021 (0.98%), while the rural index also rose by 0.99% in August 2021, up by 0.12% points compared to the rate that was recorded in July 2021 (0.87%). Food inflation Rate According to the report, the rise in the food index was caused by increases recorded in the price of bread cereals, milk, cheese and egg, oil and fats as well as tea and cocoa. The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.41% in August 2021, down by 0.31% when compared with 13.72% recorded in July 2021.

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