In August, Nigeria's inflation rate fell by 0.37 percent to 17.01 percent (year-on-year), down from 17.38 percent in July.
This was revealed in the National Bureau of Statistics' latest Consumer Price Index report.
According to the study, the composite food index fell to 20.30 percent in August, down from 21.03 percent in July.
According to the report, the rise in the food index was caused by increases in the costs of bread and cereals, milk, cheese, and egg, oils and fats, potatoes, yam and other tubers, food items n.e.c, meat, and coffee, tea, and cocoa.
At the same time, the country's urban inflation rate decreased to 17.59% year-on-year from 18.01% two months before, rural inflation fell to 16.43% from 16.75%, and core inflation, which includes volatile agricultural produce prices, fell by 0.31 percent to 13.41% from 13.72% in July.
“In August 2021, the comparable twelve-month year-on-year average percentage change for the urban index is 17.19%. This is higher than the 16.89% reported in July 2021, while the comparable rural inflation rate in August 2021 is 16.03%, compared to 15.73% in July 2021,” the study continued.
