Inflation drops seventh consecutive months to 16.01% – NBS

The National Bureau of Statistics (NBS) on Friday released the Consumer Price Index report which measures inflation with the rate dropping year-on-year from 16.05 per cent in July to 16.01 per cent in August.

The bureau in the report which was made available to our correspondent said this is the seventh consecutive months that the index would be declining since January this year.

On a month-on-month basis, the NBS report said the headline index increased by 0.97 per cent in August 2017, representing a 0.24 per cent points decline over the rate of 1.21 percent recorded in June.

The report reads in part, “The Consumer Price Index (CPI) which measures inflation increased by 16.01 per cent (year-on-year) in August 2017.

“This was 0.04 percent points lower than the rate recorded in July (16.05) percent making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.”

“On a month-on-month basis, the Headline index increased by 0.97 per cent in August 2017, 0.24 per cent points lower from the rate of 1.21 percent recorded in June.”

The NBS report stated that food inflation increased by 20.25 per cent year-on-year in July, down marginally by 0.03 per cent points from the 20.28 per cent recorded in July.

On a month-on-month basis, the report said food sub-index increased by 1.14 per cent in July, down by 0.38 percentage points from 1.52 per cent recorded in July.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

States’ debts rise to 4% of GDP, says World Bank

Although the second quarter report of the National Bureau of Statistics (NBS) showed that Nigeria ...