Data from the National Bureau of Statistics have shown that inflation figures tumbled for the seventh consecutive month in 2017 to 16.01 per cent at the end of August 2017
“Consumer price index (CPI) which measures inflation increased by 16.01 percent (year-on-year) in August 2017,” according to the NBS report released on Friday.
“This was 0.04 percent points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.
“The urban index rose by 16.1percent (year-on-year) in August 2017, down by 0.09percent points from 16.04percent recorded in July, and the rural index increased by 15.91percentin August from 16.08 percent in July.”
However, the NBS data showed that food prices recorded an eight-year high in July an indication that the lean growth recorded by the economy was yet to positively impact the cost of living of the ordinary Nigerians
Said NBS, “Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28per cent (year-on-year) in July, up by 0.37percentpoints from the rate recorded in June (19.91%),” adding that was the highest year on year increase in food inflation since the beginning of the new series in 2009.”
According to the NBS, food index reduced by 0.03percent to stand at 20.25percent as against 20.28 percent recorded in July.
“Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25percent (year-on-year) in July, down marginally by 0.03percent points from the rate recorded in July (20.28%).”