Nigeria’s Inflation Slows 16.01% in August, Seventh Consecutive Since January’17

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September 15, 2017

By Peter OBIORA InvestAdvocate

Click here to download PDF Copy of CPI and Inflation Report August 2017

Lagos (INVESTADVOCATE)-Nigeria’s inflation rate has slowed to 16.01 percent year-on-year in August, 0.04 percent points lower from the rate recorded in July (16.05) percent, according to latest statistics from the National Bureau of Statistics (NBS).

“This represents the seventh consecutive decline in the rate of headline year on year inflation since January 2017,” NBS said in its report.

The nation’s statistics office reports that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

The NBS says on a month-on-month basis, the Headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.

“The percentage change in the average composite CPI for the twelve-month period ending in August 2017 over the average of the CPI for the previous twelve-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017,” the report added.

According to the NBS, Urban index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from 16.04 percent recorded in July, and the Rural index increased by 15.91 percent in August from 16.08 percent in July.

On month-on-month basis, the urban index rose by 0.99 percent in August 2017, down by 0.26 percent point from 1.25 percent recorded in July, while the rural index rose by 0.95 percent in August 2017, down by 0.23 percent point from 1.18 percent in July.

It  further reports that the corresponding twelve month year-on-year average percentage change for the urban index increased from 18.43 percent in July to 18.15 percent in August, while the corresponding rural index also increased from 16.60 percent in July to 16.58 percent in August.

NBS says food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25 percent (year-on-year) in July, down marginally by 0.03 percent points from the rate recorded in July (20.28 percent).

The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa.

On a month-on-month basis, the Food sub-index increased by 1.14 percent in July, down by 0.38 percent points from 1.52 percent recorded in July.

The average annual rate of change of the Food sub-index for the twelve-month period ending in August 2017 over the previous twelve month average was 18.57 percent, 0.32 percent points from the average annual rate of change recorded in June (18.25) percent.

The average 12-month annual rate of rise of the index was recorded at 15.37 percent for the twelve-month period ending in August 2017, 0.43 percent points lower from the twelve month rate of change recorded in July,” the NBS affirmed.

Click here to download PDF Copy of CPI and Inflation Report August 2017

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