Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July, according to the latest release by the National Bureau of Statistics (NBS).

According to the NBS, composite food index also dropped to 20.30 per cent from the 21.03 per cent in July.

The report noted the rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa.

The NBS in the report also stated that the Nigeria’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021″, the report added.