From Isaac Anumihe, Abuja
For five months, consecutively, the inflation rate has continued its downward trend to settle at 17.01 per cent (year-on-year) in August 2021 from the previous rate of 17.38 per cent in July 2021.
But the composite food index rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021.
In a statement, the National Bureau of Statistics (NBS) said that the August figure is 0.37 per cent points lower than the rate recorded in July 2021, 17.38 per cent.
According to NBS, increases were recorded in all Classifications of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.
“On a month-on-month basis, the urban index rose by 1.06 per cent in August 2021, up by 0.08 than the rate recorded in July 2021 (0.98), while the rural index also rose by 0.99 per cent in August 2021, up by 0.12 than the rate that was recorded in July 2021 (0.87) per cent.
“The urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from 18.01 per cent recorded in July 2021, while the rural inflation rate increased by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
‘The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021.
“The percentage change in the average composite CPI for the 12-month period ending August 2021 over the average of the CPI for the previous 12 months period was 16.60 per cent, showing 0.30 per cent point from 16.30 per cent recorded in July 2021,” the statement noted.
The bureau, however, noted that the food index rose by 20.30 per cent in August 2021 compared to 21.03 per cent in July 2021.
“This rise in the food index 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.”