Breaking: Nigeria’s Inflation Rate Drops Further To 17.01% In August, says NBS Report

Breaking: Nigeria’s Inflation Rate Drops Further To 17.01% In August, says NBS Report

  • The National Bureau of Statistics (NBS) said on Wednesday, September 14, that the country's inflation rate fell in August
  • The report had it that inflation dropped by 0.37% to 17.01% in August for the fifth consecutive month in 2021
  • NBS, had in August shown a third consecutive quarter of positive growth of Nigeria's economy and the highest quarterly growth in GDP since 2014

FCT, Abuja - Nigeria’s Consumer Price Index (CPI), which measures inflation has dropped by 17.01% in August from the 17.38% recorded in July.

Channels TV reports that this was released in the latest data by the National Bureau of Statistics (NBS), saying that the composite food index also dropped to 20.30% against 21.03% in July.

NBS says Nigeria’s inflation rate drops further to 17.01% in August.
President has said that his government would ensure the country's economic growth. Credit: Femi Adesina. gathered that at the same time, the country’s urban inflation rate fell to 17.59% year-on-year, from 18.01% recorded two months ago, rural inflation rate tapered to 16.43% from a previous 16.75%, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31% to 13.41% from 13.72% recorded in July.

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The Punch also reports that the NBS said that on a month-on-month basis, the Headline index increased by 1.02% in August 2021, adding that this is 0.09% rate higher than the 0.93% recorded in July 2021.

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The report stated:

“The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021. This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) 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.”

President Buhari reacts as Nigeria’s GDP grows by 5.01% in 2nd Quarter

Meanwhile, had previously reported that President Buhari hailed the Q2 2021 report by the NBS that showed a third consecutive quarter of positive growth of Nigeria's economy, as well as the highest quarterly growth in GDP since 2014.

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It was reported that in a statement issued on Thursday, August 26, by the presidential spokesman, Femi Adesina, the report said that the Gross Domestic Product (GDP) grew by 5.01% in Q2 2021 following 0.51% growth in Q1 2021.

He said the growth, which continues the progress of the preceding two quarters, is a continuing trend reflecting Nigeria's economic rebound following the COVID-19-induced contractions seen in Q1 and Q2 2020.

Buhari commended managers of the economy for hard work and commitment, urging them to keep at it till the positive development touches the lives and pockets of the average Nigerian.


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