Nigeria’s inflation rate drops by 0.06 per cent

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The consumer price index, (CPI) which measures inflation increased by 11.02 percent (year-on-year) in August 2019. This is 0.06 percent points lower than the rate recorded in July 2019 (11.08) percent, the National Bureau of Statistics said today in its latest report.

Its report showed that disinflation continued in August 2019 despite several pronouncements by the government regarding restrictions on the import of some food items, minimum wage and the recent border closures.

The effect of the 20 August border closure on prices may not be felt until in later months, it warned.

“The inflation rate is also the average prices for the whole month and not only the price of goods and services in the last few days of the month. Furthermore, the harvest season and existing weak consumer demand and their natural effect to slow down food and other prices will also play a major role in determining the direction of inflation.Related Emefiele pledges to bring inflation to single digit within 5 years

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“Against this backdrop, in August 2019, all major indices slowed except urban inflation year on year.

“On month-on-month basis, the Headline index increased by 0.99 percent in August 2019. This is 0.02 percent rate lower than the rate recorded in July 2019 (1.01) percent.

“The percentage change in the average composite CPI for the twelve months period ending August 2019 over the average of the CPI for the previous twelve months period was 11.271 percent, showing 0.02 percent point from 11.291 percent recorded in July 2019.

“The urban inflation rate increased by 11.48 percent (year-on-year) in August 2019 from 11.43 percent recorded in July 2019, while the rural inflation rate increased by 10.61 percent in August 2019 from 10.64 percent in July 2019.

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“On a month-on-month basis, the urban index rose by 1.04 percent in August 2019, down by 0.03 from 1.07 percent recorded in July 2019, while the rural index also rose by 0.93 percent in August 2019, down by 0.03 from the rate recordedinJuly2019(0.96)percent.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 11.62 percent in August 2019. This is less than 11.64 percent reported in July 2019, while the corresponding rural inflation rate in August 2019 is 10.95 percent compared to 10.97 percent recorded in July 2019.”

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