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Nairaland Forum / Nairaland / General / Politics / Inflation Rate Drops To 17.01% In August — NBS (209 Views)
President Buhari Lauds GDP 5.01% Growth In Q2 2021 / Nigeria’s Inflation Rate Drops To 17.93% In May 2021, 0.19% Lower - NBS / Nigeria’s GDP Up By 2.01% In Q1, 2019 – NBS (2) (3) (4)
Inflation Rate Drops To 17.01% In August — NBS by iwaeda: 7:58am On Sep 16, 2021 |
Inflation rate dropped by 0.37 percent to stand at 17.01% at the end of August, from the 17.38% recorded in July 2021. The Consumer Price Index (CPI), which measures inflation, released yesterday by the National Bureau of Statistics (NBS) showed that increases were recorded in all divisions that yielded the headline index. The report showed that urban inflation rate increased by 17.59% in August from 18.01% recorded in July, while the rural inflation rate increased by 16.43% in August from 16.75% in July. Meanwhile, NBS reported that the composite food index rose by 20.30% in August from 21.03% in July. “This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and eggs, oils and fats, potatoes, yam and other tuber food products, and meat and coffee, tea and cocoa,” the report stated. The report also noted that the core inflation, which excludes the prices of volatile agricultural produce, was 13.41% in August, down by 0.31% from 13.72% in July. “The highest increases were recorded in prices of shoes and other footwear, household textiles, motor cars, garments, games of chance, major household appliances, medicals, among others. Food inflation on a year-on-year basis was highest in Kogi (28.76%), Oyo (23.69%) and Gombe (22.37%), while Rivers (17.69%), Edo (17.26%) and Bauchi (17.24%) recorded the slowest rise in year-on-year food inflation. An economist and former DG of the Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf said: “The marginal decline in the August headline inflation by 0.37% to 17.01% (year on year) is noteworthy. Equally noteworthy is the consistency of the composite price index over the past four months.” He however said these declines remain very marginal and raises the question of materiality. “The major inflation drivers have not abated. These factors include transportation costs, logistics challenges, exchange rate depreciation, forex liquidity issues, hike in energy prices, climate change, insecurity in many farming communities and structural bottlenecks to production. “These are basically supply side issues. Any mitigation measures would have to be situated in the context of these factors,” he stated. https://dailytrust.com/inflation-rate-drops-to-17-01-in-august-nbs |
Re: Inflation Rate Drops To 17.01% In August — NBS by Okoroawusa: 8:00am On Sep 16, 2021 |
I Love PMB |
Re: Inflation Rate Drops To 17.01% In August — NBS by InaNla(f): 8:01am On Sep 16, 2021 |
Buari and everyone who supported and still supporting him will not go unpunished. Failed Government - FG |
Re: Inflation Rate Drops To 17.01% In August — NBS by iwaeda: 8:03am On Sep 16, 2021 |
With dollar free fall NBS is chunning this lies out. May be they dont really know the definition of Inflation? |
Re: Inflation Rate Drops To 17.01% In August — NBS by InaNla(f): 8:04am On Sep 16, 2021 |
iwaeda: The extent of moral & financial kworuption under buari is mind blowing. 2 Likes
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Re: Inflation Rate Drops To 17.01% In August — NBS by GOFRONT(m): 8:14am On Sep 16, 2021 |
How has the drop improved the hunger and hardship in the land?? |
Re: Inflation Rate Drops To 17.01% In August — NBS by Lanretoye(m): 8:20am On Sep 16, 2021 |
Doctored statistics. |
Re: Inflation Rate Drops To 17.01% In August — NBS by inoki247: 8:21am On Sep 16, 2021 |
eh eh which inflation abeg wey bread people just come back from strike for my side... Local bread wey I dey buy for 400 then don turn to 700.... Beans don cost pass Rice imagine Beans wey we dey talk say iz meant for the poor before don turn to wetin e no dey affordable again.... |
Re: Inflation Rate Drops To 17.01% In August — NBS by adekolaelect(m): 8:53am On Sep 16, 2021 |
Okoroawusa:you forgot to include Hungers and Hardship. I hereby Included it with your love for pmb. |
Re: Inflation Rate Drops To 17.01% In August — NBS by iwaeda: 9:04am On Sep 16, 2021 |
InaNla: How NBS is getting all these input of lowering inflation rate is alarming. Yemi Kale said they wanted him to doctor reports. Go to market today, by tomorrow there will be price difference. The funny thing is that with all these realities, many people still believe buhari is the best thing. How much is a loaf of bread now. Deceit everywhere. 3 Likes 1 Share |
Re: Inflation Rate Drops To 17.01% In August — NBS by iwaeda: 9:17am On Sep 16, 2021 |
Lalasticlala. |
Re: Inflation Rate Drops To 17.01% In August — NBS by iwaeda: 9:18am On Sep 16, 2021 |
inoki247: That is what change can cause. People choose without reasoning. |
Re: Inflation Rate Drops To 17.01% In August — NBS by Standing5(m): 11:41am On Sep 16, 2021 |
iwaeda:they may be right this time. During harvest, food is released rapidly due to bad storage habits and need for money. This creates a surge in supply and is reflected as lower inflation, but from experience, the inflation rate always climbs harder in the last two ember months after such easing. Buhari's ministers are only interested in generating as much headlines as possible out of the normal harvest effect. |
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