NIGERIA’S INFLATION FALLS FOR THE FIFTH CONSECUTIVE MONTH
Written by Samson Ojeniran on September 15, 2021
Nigeria’s inflation rate fell for the fifth consecutive month in August.
The National Bureau of Statistics, NBS, on Wednesday said the Consumer Price Index, CPI, which measures inflation increased by 17.01 perc ent (year-on-year) in August 2021.
This is 0.37 percent points lower than the 17.38 percent rate recorded in July 2021
The year-on-year change means that while prices continued to rise in august 2021 over august 2020, the pace of the increase was slower when compared to July 2021 as against the corresponding period in 2020.
On a month-on-month basis, the headline index increased by 1.02 percent in August 2021, this is a 0.09 per cent rate higher than the 0.93 percent rate recorded in July 2021.
The percentage change in the average composite cpi for the twelve-month 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.
Editor: Oloyede Oworu