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Inflation in Nigeria, August
Nigeria continues on a fifth straight decline in months and a double-figure of inflation rates for four straight years, its annual inflation rate shows.
The National Bureau of Statistics, NBS announced on Wednesday that Nigeria recorded annual inflation of 17.01% in August.
In July, inflation stood at 17.38%.
Food price inflation, the major headline component, dropped to 20.30% month-on-month a 73 basis points in August. Core inflation, excluding prices of farm produce, fell to 13.41%, a 31 basis points.
The rise in the food index was caused by an increase in prices of bread and cereals, milk, cheese and egg, oil and fats, tea and cocoa.
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Inflation remains above the CBN’s target of 6-9%, worsened by COVID-19 disruptions which in March especially projected prices of food. More so, currency devaluations and insecurity are exerting pressure on the country’s food supply chain.
Analysts had estimated that food prices will go higher in August and inflation average of 17.0% throughout 2021.
As a portion of the forecast becomes probable, Central Bank Governor, Godwin Emefiele said he expects inflation to further decline with the approach of the harvest season in Nigeria, Reuters report.
Monetary policies by the CBN has stayed at 11.5% for over six months.
