Inflation drops to 17.01% in August from July’s 17.38%


From Isaac Anumihe, Abuja

For five consecutive months, Nigeria’s inflation rate has continued its downward trend to settle at 17.01 per cent (year-on-year) in August from the previous rate of 17.38 per cent in July.

The composite food index, however, rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021.

In a statement, the National Bureau of Statistics (NBS) said that the August figure is 0.37 per cent points lower than the rate recorded in July 2021 (17.38) per cent.

According to NBS, increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

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

‘The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19
per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding
rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021.
“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 per cent, showing 0.30
per cent point from 16.30 per cent recorded in July 2021,’ the statement, noted.

The Bureau, however, noted that the food index rose by 20.30 per cent in August, compared to 21.03 per cent in July.

‘This rise in the food index 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 month-on-month basis, the food sub-index increased by 1.06 per cent in August 2021, up by 0.20
per cent points from 0.86 per cent recorded in July 2021. The average annual rate of change of the food sub-index for the twelve-month period ending August 2021 over the previous twelve-month average was 20.50 per cent, 0.34 per cent points from the average annual rate of change recorded in July 2021 (20.16) percent,’ the statement indicated.

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