Nigeria’s inflation continues to fall

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Vendors display tomatoes for sell at Mile 12 market in Lagos, food prices remain high despite drop in inflation rate to 17.93% in May 2021, on July 7, 2021. The World Bank said the countrys surging inflation and rising prices had pushed an estimated seven million Nigerians below poverty line in 2020. This rise in the food index was caused by increases in prices of Bread, Cereals, Milk, Cheese, Eggs, Fish, Soft drinks, Coffee, Tea and Cocoa, Fruits, Meat, Oils and fats, and Vegetables. (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images)
Vendors display tomatoes for sale at Mile 12 market in Lagos on July 7, 2021. Inflation rates in the country continued to decline in August. (Photo by Olukayode Jaiyeola/NurPhoto via Getty Images)

Nigeria’s inflation dropped for the 5th consecutive month in August, with the consumer price index (CPI) increasing by 17.01 percent year on year in the month, according to data released by the National Bureau of Statistics (NBS) Wednesday.

The NBS said in its monthly CPI update that this was a reflection of a 0.37 percent drop from an increase of 17.38 percent in the previous month of July.

Africa’s biggest economy witnessed a year-on-year CPI growth of 18.17 percent in March, recording the highest inflation in four years since February 2017. The country saw slower CPI growth rate after March.

“The urban inflation rate increased by 17.59 percent (year-on-year) in August 2021, down from 18.01 percent recorded in July 2021, while the rural inflation rate increased by 16.43 percent in August 2021, down from 16.75 percent in July 2021,” said the NBS.

The composite food index rose by 20.30 percent in August 2021, compared to 21.03 percent in July 2021, indicating that food prices, one of the biggest contributor to the inflation in Nigeria, also saw slower growth in August.

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