The National Bureau of Statistics says Nigeria’s inflation has dropped for its fifth consecutive month. In its report released on Wednesday, the Consumer Price Index, which measures inflation, fell by 0.37 per cent in August.
The NBS had recorded 17.38 per cent inflation rate in July, which fell to 17.01 per cent in August, representing 0.37 per cent decrease.
The data collection body observed that the food price slowly increased in August due to price moderation of items such as bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tuber, food products, meat and coffee, tea and cocoa.
On the other hand, the core inflation, which excludes the prices of volatile agricultural produce, also slowed to 13.41 per cent in August 2021, down by 0.31 per cent compared with 13.72 per cent in July and This is the fifth consecutive month that Nigeria has recorded a downward slope in its inflation rate since March.
Inflation dropped from 18.17 per cent in March to 18.12 per cent in April before dropping further to 17.93 per cent in May, 17.75 per cent in June and 17.38 per in July.