According to the National Bureau of Statistics (NBS), the inflation rate slowed 0.37% yoy to 17.01% in August, compared to 17.38% in July.
That divided the office in the published in Abuja on Wednesday report “Consumer Price Index (CPI), August 2021” with.
the news agency of Nigeria (NAN reported that the inflation rate has steadily declined) for five consecutive months.
It was the inflation rate in June was 17.75 percent in May at 17.93 percent compared to 18.12 percent in April and 18.17 percent in March.
It is also that in all departments of the Classification of Individual Consumption by Purpose (COICOP) increases were recorded, which resulted in the headline index.
“On a monthly basis, the headline index rose by 1.02 in August Percent, that is 0.09 percent more than the 0.93 percent recorded in July.
“The percentage change in the average z The composite CPI for the 12 month period up to August 2021 above the average of the CPI for the previous 12 month period was 16.60 percent, an increase of 0.30 percent compared to 16.30 percent in July. “
Urban inflation rose 17.59 percent in August from 18.01 percent in July, while rural inflation rose 16.43 percent in August from 16.75 percent in July.
According to the report on a month to month basis, cities index rose in August to 1.06 percent, down from 0.98 percent in July to 0.08 percent.
the index for rural areas also increased by 0.99 percent in August, up 0.12 percent from 0.87 percent in July.
It also states that the corresponding 12-month year-over-year percentage change for the city index is 17.19 percent was in the reporting month.
This, it is said, was above the 16.89 percent reported in July, while the corresponding hands inflation rate in rural areas in A ugust was at 16.03% compared to 15.73% in July.
The NBS said that the composite food index rose by 20.30% in August, compared with 21 .03% in July.
This increase was due to increases in the price of bread and cereals, milk, cheese and eggs, oils and fats, potatoes, yams and another tuber, foodstuffs, meat and coffee, tea and cocoa
However, the food sub-index is said to be up 1.06 percent month-on-month in August, compared to 0.86 percent in July, up 0.20 percentage points.
Meanwhile, all items minus produce, or core inflation, which excludes prices of volatile agricultural products, was 13.41 percent in August, down 0.31 percent from 13.72 percent in July.
According to the NBS, the core sub-index rose 0.77 percent in August compared to the previous month by 0.54 percent t compared to 1.31 percent in July.
“The highest increases were recorded in the prices of shoes and other shoes, household textiles, automobiles, clothing, games of chance, large household appliances, regardless of whether they were electric or not, and hospital services .
“Others include catering services, home appliances, articles and products for personal care and apparel materials, other garments and apparel accessories.”
The report states that inflation of all items was compared compared to the previous year in Kogi was highest at 23.40 percent. Bauchi 21.56 percent and Oyo 20.32 percent.
Meanwhile, Bayelsa recorded the slowest year-on-year increases in headline inflation at 15.04 percent, Rivers 14.73 percent and Kwara at 14.64 percent.
However, Ebonyi is said to have price deflation or no negative inflation. H. a general decline in the prices of goods and services or a negative inflation rate.
Annual food inflation for August was highest in Kogi at 28.76 percent, Oyo 23.69 percent and Gombe 22.37 percent while Rivers recorded the slowest year-on-year increases in food inflation at 17.69 percent, Edo 17.26 percent, and Bauchi at 17.24 percent.
“On a monthly basis, however, August food inflation in Ekiti was 2 , 70 percent the highest, Abuja 2.62 percent and Akwa Ibom 2.50 percent, while Lagos with 0.04 percent and Edo with 0.08 percent recorded the slowest increases.
“Kaduna recorded the price Deflation or negative inflation, ”it says.
NAN reports that the CPI measures the average change over time in the prices of goods and services consumed by people for everyday living.