Ebun Francis || Nigeria inflation rate dropped for the seventh consecutive time to 16.01% according to figures released by the National Bureau of Statistics (NBS) on Friday.
According to the report, “Consumer price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017.”
“This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.
“The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08% in July.”
The report also showed that food prices recorded an eight-year high in July.
“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%),” the report said.
“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”
Food index reduced by 0.03% to stand at 20.25% as against 20.28% recorded in July.
“Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25% (year-on-year) in July, down marginally by 0.03% points from the rate recorded in July (20.28%),” the report stated.