Nigeria’s Consumer Price Index, which measures inflation has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.
According to the latest data just released by the National Bureau of Statistics, the composite food index also dropped to 20.30 per cent against 21.03 per cent in July.
At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 percent to 13.41 per cent in from 13.72 per cent recorded in July.
Details later…
