Nigeria’s Inflation rate drops for seventh consecutive month – NBS

The National Bureau of Statistics, NBS, on Friday said Nigeria’s inflation rate dropped from 16.05 per cent in July to 16.01 per cent in August.

The NBS made this known in its Consumer Price Index, CPI, report which measures inflation.

The development, the NBS noted, is the seventh consecutive month that the index would be declining since January 2017.

The report read in part: “The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09 per cent points from 16.04 per cent recorded in July, and the rural index increased by 15.91 per cent in August from 16.08 per cent in July.

“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28 per cent (year-on-year) in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent).

“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”

According to the NBS, food index reduced by 0.03 per cent to stand at 20.25 per cent %, down from 20.28 per cent recorded in July.

“Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25 per cent (year-on-year) in July, down marginally by 0.03 per cent points from the rate recorded in July (20.28 per cent).”

NBS data also revealed that food prices recorded an eight-year high in July, 2017.

Earlier on September 5, the NBS announced that the Nigerian economy had slipped out of recession.

According to the NBS, in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55 per cent (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

The Nigerian economy slipped into recession in early 2016.