Inflation rate drops to 16.01% in August, NBS claims

Inflation

The National Bureau of Statistics (NBS) says inflation rate measured by the Consumer Price Index (CPI) has further dropped to 16.01 per cent in August from 16.05 per cent in July.

The NBS made this known in its “CPI August 2017 Report’’ released on Friday in Abuja.

The CPI which measured inflation, increased by 16.01 per cent (year-on-year) in August 2017.

According to the bureau, this is 0.04 per cent points lower than the rate recorded in July (16.05) per cent.

It said that the index made it the seventh consecutive decline in the rate of headline year- on- year inflation since January 2017.

On a month-on-month basis, the report noted that the headline index increased by 0.97 per cent in August 2017, 0.24 per cent points lowered from the rate of 1.21 per cent recorded in June.

The report indicated that food price inflation increased by 20.25 per cent (year-on-year) in July, down marginally by 0.03 per cent points, from the rate recorded in July (20.28 per cent).

It said that the rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk, cheese and eggs, coffee, tea and cocoa.

The report further said that the food sub-index increased by 1.14 per cent in July, down by 0.38 per cent points from 1.52 per cent recorded in July, on a month-on-month basis.

The bureau said that the “All Items less Farm Produce’’ or core sub-index, which excluded the prices of volatile agricultural produce, eased by 0.10 per cent during the month of August to 12.30 per cent points, from 12.20 per cent, recorded in July.

On a month-on-month basis, it said that the core sub-index increased by 0.93 per cent in August, 0.07 per cent points lower from 1.00 per cent recorded in July.