BREAKING: NBS Announces Nigeria’s Inflation Rate In August

The National Bureau of Statistics (NBS) has announced Nigeria’s inflation rate for the month of August 2021.

EKOHOTBLOG reports that the Consumer Price Index (CPI), which measures inflation, in August 2021 rose by 17.01 percent year on year from 17.38 percent in July 2021.

Nigeria’s inflation rate was disclosed by the National Bureau of Statistics (NBS) via its Consumer Price Index report for August on Wednesday.

According to the NBS report, food inflation was highest on yearly basis with Kogi recording 28.76%, Oyo 23.69%, Akwa Ibom 2.50%, while Lagos, Edo, and Kaduna recorded the slowest rise in food inflation 0.04%, 0.08%, -0.12% respectively.

The report further indicated that on monthly basis, the CPI rose by 1.02 percent from 0.93 percent in July 2021.

EKOHOTBLOG reports that the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living, measuring inflation.

According to the report, the highest increase was recorded in the food consumables such as oil and fats, fish potatoes, yam, and other tubers, milk, cheese, egg, meat, cereals, coffee tea, and Cocoa.

NBS noted that all-time inflation was the highest year on year in some states including Kogi 23.40%, Bauchi 21.56%, Oyo 20.32%, while the slowest rise in headline inflation was recorded in states such as Bayelsa 15.04%, Rivers 14.73%, and Kwara state 14.64%.

On a monthly basis, the NBS noted that the all-time inflation was highest in Cross River, 2.65%, Zamfara 2.05%, Akwa Ibom 2.01%, while the slowest rise in headline inflation was recorded in states such as Kaduna 0.20%, Rivers 0.14%, Ebonyi state 0.00%.

The report also showed that the urban index in August 2021 rose by 17.59% year on year from 18.1% in July 2021, and 1.06% on a monthly basis from 0.98% in July 2021.

Also, the rural index in August rose by 16.43% year on year from 16.75% in July, and 0.99% on monthly basis, from 0.87% in July 2021.

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