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BREAKING: Inflation Declines To 17.01% In August
 
By: Cletus Sunday Ilobanafor
Wed, 15 Sep 2021   ||   Nigeria,
 

Nigeria’s headline Consumer Price Index (CPI) in August 2021 rose by 17.01 per cent year on year from 17.38 per cent in July 2021, a report by the National Bureau of Statistics (NBS) has shown.

The report shows that food inflation was highest on year on year basis Kogi, 28.76%, Oyo 23.69%, Akwa Ibom 2.50%, while Lagos, Edo, and Kaduna recorded the slowest rise in food inflation 0.04%, 0.08%, -0.12% respectively.

The report which was released Wednesday also indicates that on Month to Month basis the CPI rose by 1.02 per cent from 0.93 per cent in July 2021.

The CPi (Consumer Price Index) measures the average change over time in prices of goods and services consumed by people for day-to-day living, measuring inflation.

According to the report, the highest increase was recorded in the food consumables such as oil and fats, fish potatoes, yam and other tubers, milk, cheese, egg, meat, cereals, coffee tea and Cocoa.

NBS noted that all-time inflation was the highest year on year in some states including Kogi 23.40%, Bauchi 21.56%, Oyo 20.32%, while the slowest rise in headline inflation was recorded in states such as Bayelsa 15.04%, Rivers 14.73%, and Kwara state 14.64%.

On a Month to Month basis, the NBS noted that the all-time inflation was highest in Cross River, 2.65%, Zamfara 2.05%, Akwa Ibom 2.01%, while the slowest rise in headline inflation was recorded in states such as Kaduna 0.20%, Rivers 0.14%, Ebonyi state 0.00%.

The report also shows that the urban index in August in 2021 rose by 17.59% year on year from 18.1% in July 2021, and 1.06% on a month to month basis from 0.98% in July 2021.

Also, rural index in August rose by 16.43% year on year from 16.75% in July, and 0.99% on Month to Month basis, from 0.87% in July 2021.

 

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