Inflation Drops To 16.01%

Data from the National Bureau of Statistics (NBS) shows that inflation has experienced the seventh decline since January 2017.

Nigeria's consumer price index which measures inflation has trimmed to 16.01% by 0.04% in the month of August.

"This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.

"The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08% in July," the NBS report which was released on Friday read.

The data shows that food inflation declined to 20.25% from 20.28% in July, while core inflation increased slightly by one-tenth of a percent to 12.30 percent last month.

UCJ, UNILORIN.