Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.
This was disclosed in the Consumer Price Index report just released by the National Bureau of Statistics.
According to the report, composite food index also dropped to 20.30 per cent against 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 n.e.c, Meat and Coffee, tea and cocoa,” the report read in part.
At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.