Inflation Eases to 15.39%
James Emejo in Abuja The Consumer Price Index (CPI) which measures changes in prices of goods and commodities eased marginally to 15.39 per cent in August from 15.43 per cent
In August, the Consumer Price Index (CPI) for Nigeria dropped slightly to 15.39 percent from 15.43 percent in July, as reported by the National Bureau of Statistics (NBS) on Tuesday. This marked a significant slowdown in monthly price increases, with headline inflation settling at 0.71 percent, down from 1.57 percent in the previous month.
The cost of food rose to 19.57 percent year-on-year in August, compared to 25.30 percent in the same period last year, indicating a 4.55 percent reduction on a monthly basis. Key contributors to this decline included food and non-alcoholic beverages (6.16 percent), restaurants and accommodation services (1.99 percent), and transport (1.64 percent).
Core inflation, which excludes volatile agricultural produce and energy prices, was 13.29 percent year-on-year in August, showing a moderating trend. On a monthly basis, core inflation was a slight negative 0.06 percent, compared to 0.15 percent in July. Farm produce, imported food, goods, and services also experienced a downward trend in their respective inflation rates.
Urban inflation stood at 15.88 percent year-on-year, while rural inflation was slightly lower at 14.23 percent year-on-year, with a higher monthly increase to 1.79 percent from 0.78 percent in July.
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