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Inflation drops to 11.2% in August

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FROM: PUNCH

The National Bureau of Statistics said on Tuesday that the Consumer Price Index which measures inflation dropped from 11.08 per cent in July to 11.02 per cent in August.

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In its latest report released on Tuesday, the Bureau stated that inflation rate of 11.02 per cent for August represents a decrease of 0.06 percentage point year-on-year.

According to the NBS, the drop in inflation rate continued in August despite several government restrictions on the importation of some food items, minimum wage and the recent border closures.

With respect to the impact of border closure on consumer prices, the Bureau stated that the country may not see the significant effect on inflation now as the closure was only captured for 11 days during the 31 days reference period in August.

Recall that the nation’s inflation rate according to the NBS dropped from 11.22 per cent in June to 11.08 per cent in July.

Nigeria had also recorded a drop in inflation in June as the rate dropped from 11.40 per cent in May to 11.22 per cent.

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SOURCE: PUNCH

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