SAN FRANSCISCO, September 15, (THEWILL) –
The National Bureau of Statistics, NBS, on Friday released a data showing that headline inflation rate has dropped for the seventh consecutive month in 2017.
The statistics agency said the consumer price index, CPI, which measures inflation increased by 16.01 per cent (year-on-year) in August 2017, pointing out that it was 0.04 points lower than the 16.05 per cent figure recorded in July.
It said, “The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08% in July.”
The NBS data showed that prices of
food items recorded an eight-year high in July.
“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%).
“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009,” the report said.
According to the NBS, food index reduced by 0.03 per cent to stand at 20.25 per cent as against 20.28 per cent recorded in July.
It said, “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 (20.28%).”
Nigeria’s inflation rate declined from 18.72 per cent in January 2017 to stand at 16.01 per cent as at last month.
