Wednesday, September 15, 2021

Food Prices Rise As Nigeria’s Inflation Drops For Fifth Straight Month

 According to the data, Nigeria’s inflation rate dropped for the fifth consecutive month in September.


The National Bureau of Statistics (NBS) has released data for the Consumer Price Index (CPI) for the month of August.

CPI measures inflation. The latest data revealed that inflation dropped to 17.01 percent in August.
However, the development didn't change things as prices of food have continued to rise.
The NBS stated that in the released CPI report, the rate is 0.37 percent points lower than the 17.38 percent recorded in July this year.
Inflation dropped from 18.17 percent in March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.
The NBS said that on a month-on-month basis, the Headline index increased by 1.02 percent in August 2021, adding that this is 0.09 percent rate higher than the 0.93 per cent recorded in July 2021.
The report said, “The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021.
“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.
“The percentage change in the average composite CPI for the twelve months 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.”
Similarly, the urban inflation rate increased by 17.59 percent (year-on-year) in August 2021 from the 18.01 percent recorded in July 2021, while the rural inflation rate also rose by 16.43 percent in August 2021 from 16.75 percent in July 2021.
On a month-on-month basis, it said that the urban index rose by 1.06 per cent in August 2021, representing 0.08 percent increase over the rate recorded in July 2021, while the rural index also rose by 0.99 per cent in August 2021.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.
“This is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021,” the report added.
On the other hand, the NBS stated that the composite food index rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
The rise in the food index, it noted, was caused by increases in prices of bread and cereals, milk, cheese and egg, oils
and fats, potatoes, yam and other tubers, food products, meat and coffee, tea and cocoa.
On a month-on-month basis, it said the food sub-index increased by 1.06 per cent in August 2021, up by 0.20 percent points from the 0.86 percent recorded in July 2021.
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