Nigeria’s Inflation rate drops for seventh consecutive month – NBS

Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]
Nigerian economy improved slightly in 2016, but remains in recession -- NBS [Photo Credit: naija247news.com]

The National Bureau of Statistics, NBS, on Friday said Nigeria’s inflation rate dropped from 16.05 per cent in July to 16.01 per cent in August.

The NBS made this known in its Consumer Price Index, CPI, report which measures inflation.

The development, the NBS noted, is the seventh consecutive month that the index would be declining since January 2017.

The report read in part: “The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09 per cent points from 16.04 per cent recorded in July, and the rural index increased by 15.91 per cent in August from 16.08 per cent in July.

“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28 per cent (year-on-year) in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent).

“This represents 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 0.03 per cent to stand at 20.25 per cent %, down from 20.28 per cent recorded in July.

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

NBS data also revealed that food prices recorded an eight-year high in July, 2017.

Earlier on September 5, the NBS announced that the Nigerian economy had slipped out of recession.

According to the NBS, in the second quarter of 2017, the nation’s Gross Domestic Product (GDP) grew by 0.55 per cent (year-on-year) in real terms, indicating the emergence of the economy from recession after five consecutive quarters of contraction since Q1 2016.

The Nigerian economy slipped into recession in early 2016.


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  • Kontri People

    DEAR EDITOR,

    Breaking News:

    ……………………

    As the Buhari government deceives itself that Nigeria has exited recession,
    the country’s economy worsens irreparably into a rot. Yesterday First Bank of Nigeria
    reportedly retrenched over 1,000 bank workers and threw them all into the sinking sea
    of massive un-employment to join a throng of 28 million un-employed youths acknowledged
    by the Buhari government as at June 2017. All fresh graduates from universities and those
    from teachers training institutes and polytechnics, who finish their compulsory N.Y.S.C
    national service are expcted to swell that figure toward a staggering 30 million mark.
    Little by little the fumbling Buhari government pushes Nigeria to a shattering fall.

    • Al

      I guess you have big problem with yourself, that’s why you are fuming for nothing. I will advice you to go sharp sharp hug live transformer or jump into lagoon if you are not happy with the progress,

      • 0tile

        You and your co-religionist Abubakar tundemash are fond of advising people to hug live transformer or strap explosives and commit suicide in public places. Are both of you dedicated jihadists?

    • tundemash

      Even before Buhari came, your life was undergoing recession .

      • 0tile

        You are a lair. How do you know that, do you know him?

    • aboki

      Nigerian banks are in the habit of used and dump attitude on it’s workers.
      Am sure you don’t go to the market either to shop, evaluate or enumerate on basic needs.
      The prizes of food stuff has gone down as with bumper harvest.
      Your PAY MASTERS are not happy with such positive news and releaf Nigerians are getting.
      Allow those with Economic expertise to dissect and digress NBS released.
      As for millions of unemployed YOUTH , the government can not provide jobs to all and sundry but create enabling environment as the called diversification to agriculture , Mining and other innovative ventures as the case may be.
      The era of white Collar job is gone and FOREVER .
      The youth must WAKE UP and face reality of global happening .