Inflation Drops to 17.01% in August – NBS

Latest Breaking Business News In Nigeria Today: Inflation drops to 17.01% in August Logo of the Nigerian Bureau of Statistics , NBS

The National Bureau of Statistics (NBS) has announced that inflation rate reduced to 17.01% in August, 2021.

It was a reflection of 0.37% drop from the 17.38% rate in the previous month of July.

According to the document titled “Consumer Price Index (CPI) August 2021,” “The consumer price index, (CPI) which measures inflation increased by 17.01 percent (year-on-year) in August 2021.

“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.”

The report said increases were recorded in all Classified Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

It explained that on a month-on-month basis, the urban index rose by 1.06 percent in August 2021, up by 0.08 the rate recorded in July 2021 (0.98) while the rural index also rose by 0.99 percent in August 2021, up by 0.12 the rate that was recorded in July 2021 (0.87) percent.

The data noted that the urban inflation rate increased by 17.59 percent (year-on-year) in August 2021 from 18.01 percent
recorded in July 2021 while the rural inflation rate increased by 16.43 percent in August 2021 from 16.75 percent in July 2021.

It added that the corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.

According to NBS, this is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021.

It said 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.

On month-on-month basis, NBS said the Headline index increased by 1.02 percent in August 2021, this is 0.09 percent rate higher than the rate recorded in July 2021 (0.93) percent.

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