Connect with us

NEWS

Inflation rate drops to 17.01 per cent in Aug – NBS

Published

on

THE National Bureau of Statistics (NBS), says the rate of inflation slowed by 0.37 per cent to 17.01 per cent Year-on-Year (YoY), in August from 17.38 per cent recorded in July.

  This represents the fifth consecutive decline in the rate of inflation recorded in Nigeria. This is according to the National Bureau of Statistics (NBS)

  The latest figure is 0.37 per cent points lower than what was recorded in the previous month. Meanwhile, on a month-on-month basis, the headline index increased by 1.02 per cent in August 2021, this is 0.09 per cent higher than the rate recorded in July 2021 (0.93 per cent).

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

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

  The NBS said that composite food index rose by 20.30 per cent in August compared to 21.03 per cent in July.

  This rise, it said, was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tuber, food product, meat and coffee, tea and cocoa.

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

  Meanwhile, “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.41 per cent in August, down by 0.31 per cent when compared with 13.72 per cent recorded in July.

  The NBS said that on month-on-month basis, the core sub-index increased by 0.77 per cent in August, down by 0.54 per cent when compared with 1.31 per cent recorded in July.

  “The highest increases were recorded in prices of shoes and other footwear, household textile, motor cars, garments, game of chance, major household appliances whether electric or not and hospital services.

  “Others are catering services, appliances, articles and product for personal care and clothing materials, other articles of clothing and clothing accessories.”

  The report said that in the month under review, all items inflation on YoY basis was highest in Kogi at 23.40 per cent, Bauchi 21.56 per cent and Oyo 20.32 per cent.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending