Nigeria’s Inflation Rate drops for Fifth Consecutive Month

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Inflation
Food prices surge in newly released NBS inflation report

In the just-released NBS Consumer Price Index report for August 2021, Nigeria records a decline in headline inflation rate from 17.38% recorded in July 2021 to 17.01% in August 2021. This is the fifth month since Nigeria’s inflation rate began to drop.

However, food prices and prices of household goods have continued to rise. The NBS attributes the rise in food inflation by 20.30% to hike in prices of bread, eggs, cheese, oil, cereals, and other food items.

The report also showed that Kogi state recorded the highest year-on-year, YoY, food inflation with 29%, Ekiti state recorded the highest month-on-month food inflation with 2.70% and Rivers state records the slowest rise in food inflation at 17.69%.

Urban inflation rate increased by 17.59% (YoY) in August 2021 from 18.01% recorded in July 2021, while the rural inflation rate increased by 16.43% in August 2021 from 16.75% in July 2021.

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