The National Bureau of Statistics on Wednesday released the Consumer Price Index which measures inflation with the rate dropping to 17.01 per cent in August.
Thus represents 0.37 percent points lower than the 17.38 percent recorded in July this year.
This is the fifth consecutive month that the country’s inflation rate will be trending downward since March this year.
It dropped from 18.17 per cent March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.
The NBS said on month-on-month basis, the Headline index increased by 1.02 percent in August 2021, adding that this is 0.09 percent rate higher than the 0.93 per cent recorded in July 2021.
The Report stated, “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 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.”
The Report stated that the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from the 18.01 per cent recorded in July 2021, while the rural inflation rate also rose by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
On a month-on-month basis, it said that the urban index rose by 1.06 per cent in August 2021, representing 0.08 percent increase over the rate recorded in July 2021, while the rural index also rose by 0.99 per cent in August 2021.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19
percent in August 2021.
“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,” the Report added.
For the composite food index, it said this rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
The rise in the food index, it noted, 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.
On a month-on-month basis, it said the food sub-index increased by 1.06 per cent in August 2021, up by 0.20
percent points from the 0.86 percent recorded in July 2021.
In terms of States with the highest inflation rate in August, the Report stated that it was highest in Kogi (23.40 per cent), Bauchi (21.56 per cent) and Oyo (20.32 per cent), while Bayelsa (15.04 per cent), Rivers (14.73 per cent) and Kwara (14.64 per cent) recorded the slowest rise in headline year on year inflation.
On a month on month basis however, it said inflation was highest in Cross River (2.65 per cent), Zamfara (2.05 per cent) and Akwa Ibom (2.01 per cent), while Kaduna (0.20 per cent) and Rivers (0.14 per cent) recorded the slowest rise.
It added that Ebonyi recorded price deflation or negative inflation(general decrease in the prices of goods and services or a negative inflation rate).