Inflation drops to 17.01% in August, says NBS

This represents a 0.37 percentage points decline when compared to 17.38 per cent recorded in July.

In its Consumer Price Index, (CPI) report released today, NBS said that food index also slowed by 1.03 percentage points to 20.30 per cent due to increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tuber, food product n.e.c, meat and coffee, tea and cocoa.

The report showed that Kogi State recorded the highest year-on-year, YoY, food inflation with  29 per cent followed by Oyo State with 24 per cent.

The bureau said: “The CPI which measures inflation increased by 17.01 per cent (YoY) in August 2021.

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

“Increases were recorded in all COICOP divisions that yielded the Headline index.

“The urban inflation rate increased by 17.59 per cent (YoY) in August 2021 from 18.01 per cent recorded in July 2021, while the rural inflation rate increased by 16.43 percent in August 2021 from 16.75

percent in July 2021.

“On a month-on-month (MoM) 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 percent in August 2021, up by 0.12 the rate that was recorded in July 2021 (0.87) per cent.”

On food index it stated: “The composite food index rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.

“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 n.e.c, meat and coffee, tea and cocoa.

“On MoM basis, the food sub-index increased by 1.06 percent in August 2021, up by 0.20 percent points from 0.86 percent recorded in July 2021.

“In August 2021, food inflation on a year on year basis was highest in Kogi (29 per cent), Oyo (24 per cent) and Gombe (22.4 per cent), while River (18 per cent), Edo (17.26 per cent) and Bauchi (17.24 per cent) recorded the slowest rise in YoY food inflation.

“On MoM basis however, August 2021 food inflation was highest in Ekiti (2.7 per cent), Abuja (2.6 per cent) and Akwa Ibom (2.5 per cent), while Lagos (0.04 per cent) and Edo (0.08 per cent) recorded the slowest rise with Kaduna recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”