Business - Business & Economy - News - September 15, 2021

Nigeria’s inflation rate for August declines to 17.01%

MEDIATRACNET

The Nigerian consumer price index, (CPI) used in measuring the level of inflation in the economy was lower by  about 0.37 percent points than than the rate attained in July 2021, the Narional Bureau of Statistics (NBS) said on Wednesday.
The statistics agency said the annual rate of inflation dropped from 17.38 percent in August 2021 to 17.01 percent.
The new inflation is a reflection of the improvement recorded in all 12 Classification of Individual
Consumption by Purpose (COICOP) functions and all items levels divisions that yielded the Headline index.
On a month-on-month basis, the NBS said the urban index rose by 1.06 percent in August 2021, up by 0.08 the rate recorded in July 2021 (0.98), compared to the rural index which also rose by 0.99 percent in August 2021, up by 0.12 the rate recorded in July 2021 (0.87) percent.
The annual urban inflation rate grew by 17.59 percent (year-on-year) in August 2021 from 18.01 percent
recorded in July 2021, while the rural inflation rate was up by 16.43 percent in August 2021 from 16.75
percent in July 2021.
The corresponding 12-month year-on-year average percentage change for the urban index, the NBS report showed, was about 17.19 percent in August 2021.
The level is higher than 16.89 percent reported in July 2021, compared with the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021.
The percentage change in the average composite price indices for the 12 months period ending August 2021, over the average CPI for the previous twelve months period was 16.60 percent, showing 0.30
percent point from 16.30 percent recorded in July 2021.
On month-on-month basis, the Headline index increased by 1.02 percent in August 2021, about 0.09
percent rate higher than the rate recorded in July 2021 (0.93) percent.
The composite food index rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
This rise in the food index, the NBS, said was as a result of the increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tuber, food product, meat and coffee, tea and cocoa.
On month-on-month basis, the food sub-index increased by 1.06 percent in August 2021, by 0.20
percent points from 0.86 percent recorded in July 2021.
The average annual rate of change of the food sub-index for the 12-month period ending August 2021
over the previous 12-month average was 20.50 percent, 0.34 percent points from the average annual
rate of change recorded in July 2021 (20.16) percent.
In August 2021, all items inflation on year-on-year basis was highest in Kogi (23.40%), Bauchi (21.56%) and
Oyo (20.32%), while Bayelsa (15.04%), River (14.73%) and Kwara (14.64%) recorded the slowest rise in
headline Year on Year inflation.
On month on month basis however, August 2021 all items inflation was highest in Cross River (2.65%),
Zamfara (2.05%) and Akwa Ibom (2.01%), while Kaduna (0.20%) and River (0.14%) recorded the slowest
rise with Ebonyi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate.
In August 2021, food inflation on a year on year basis was highest in Kogi (28.76%), Oyo (23.69%) and
Gombe (22.37%), while River (17.69%), Edo (17.26%) and Bauchi (17.24%) recorded the slowest rise in
year on year food inflation.
On month on month basis however, August 2021 food inflation was highest in Ekiti (2.70%), Abuja (2.62%) and Akwa Ibom (2.50%), while Lagos (0.04%) and Edo (0.08%) recorded the slowest rise with Kaduna recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

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