Nigerian inflation rate slowed in August, as the rate of food-price growth declined, acording to the latest CPI released by the National Bureau of Statistics (NBS) on Wednesday.
Consumer prices rose 17 percent from a year earlier, compared with 17.4 percent in July, the statistics agency said in a report.
The data matched the median of nine economists’ estimates in a Bloomberg survey.
Costs climbed 1 percent in the month, compared with a 0.9 percent increase in July.
The data comes two days before the central bank meets to decide its latest interest-rate stance.
Easing inflation pressures combined with the still-fragile state of the economy are likely to result in the bank keeping its benchmark rate on hold at 11.5 percent.
“The percentage change in the average composite CPI for the twelve months period ending August 2021 over the average of the CPI for the previous twelve months period was 16.60 percent, showing 0.30 percent point from 16.30 percent recorded in July 2021.”
According to the NBS, the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from the 18.01 per cent recorded in July 2021, while the rural inflation rate also rose by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
On a month-on-month basis, it said that the urban index rose by 1.06 per cent in August 2021, representing 0.08 percent increase over the rate recorded in July 2021, while the rural index also rose by 0.99 per cent in August 2021.
“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.
“This is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021,” the Report added.
For the composite food index, it said this rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.
The rise in the food index, it noted, was caused by 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.