Inflation drops from 16.05% in July to 16.01% in August 2017 – NBS
National Bureau of Statistics (NBS), have released Consumer Price Index for August, “CPI August 2017 Report”, where it was noted that the inflation rate has slightly dropped from 16.05% in July to 16.01% in August. This represents 0.04% points lower than the rate recorded in July.
The Bureau, in its report, stated that the drop has been recurrent as this was the seventh successive time the index would be dropping since January this year.
It also reveals that the headline index increased by 0.97%, which is 0.24% points lower than the rate of 1.21% recorded in July.
Food inflation increased by 20.25%, year-on-year in July, down marginally by 0.03% points from the 20.28% recorded in July.
The report also stated that the rise on food index was caused by increase in prices of products like meat, fish, coffee, cocoa, bread, cereals among other products.
On a month-on-month basis, the report mentioned that food sub-index increased by 1.14% in July, down by 0.38% points from 1.52% recorded in the same month.
Financial analysts have attributed the decrease to factors like intervention of the Central Bank of Nigeria in ensuring liquidity and transparency in the foreign exchange market.