The consumer price index (CPI), which measures the rate of change in prices of goods and services, saw a marginal decline in the rate of inflation from 17.38 percent recorded in July to 17.01 percent in August. making it the fifth consecutive time.
The development shows that the rise in the price of food slowed its pace in the month of August.
This was reported by the National Bureau of Statistics (NBS) in its report titled, ‘Consumer Price Index Report for August’, released on Wednesday.
This rate is 0.37 percent points lower than the 17.38 percent recorded last month.
Nigeria has continued to record a declining inflation rate since March 2021, as the Central Bank of Nigeria (CBN) had ambitiously forecasted that it may decline to 13 percent this year and a single-digit rate by 2022.
According to the CPI report, month-on-month basis, the headline index increased by 1.02 percent in August 2021, adding that this is a 0.09 percent rate higher than the 0.93 percent recorded in July 2021.
The report further stated that the composite food index rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
According to the bureau, the rise occurred due to a surge 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.