Nigeria's inflation figure going down but prices of basic commodities are going north and showing no sign of rescinding.
The inflation rate in Nigeria has dropped 0.04 percent in the month of August to 16.01 percent year-on-year basis.
This figure is according to the August 2017 CPI report released by the National Bureau of Statistics (NBS) on Friday, September 15, 2017. As such making it the seventh consecutive decline in the rate since January 2017.
However, the report shows an upward trend in the month-on-month (MoM) headline index by 0.97 percent. This indicates that cost of basic necessities in the country is not repealing but better than 1.21 percent recorded in July.
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Nigeria was declared out of the recession by the Q2 2017 GDP report of the bureau issued earlier in the month. But, the mounting prices of goods and services made many Nigerians to question the validity of the recession-exiting report.
Food price pressure was noted for high month-on-month CPI as all major food sub-indexes increased in the month of August.
“The Food Index increased by 20.25 percent (year-on-year) in July, down marginally by 0.03 percent points from the rate recorded in July (20.28 percent). On a month-on-month basis, the Food sub-index increased by 1.14 percent in July, down by 0.38 percent points from 1.52 percent recorded in July.”
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“The rise in the index was caused by increases in prices of bread and cereals, meat, fish, oils and fats, milk cheese and eggs, coffee, tea and cocoa,” the report says.
Core inflation - which changes in prices of commodities except for agricultural produce, also eased by 0.10 percent on a year-on-year. On a MoM, prices of these essential utilities went up by 0.93 percent.
Urban inflation rose by 0.09 percent to 16.13percent, while the rural inflation was down by 0.17 percent to 15.91 percent in August.
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