• contact@trumpetmagazine.com
Facebook Twitter Youtube Linkedin Instagram
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Home Business

BREAKING: Nigeria’s inflation Declines For Fifth Consecutive Month

Omotayo Daranjo by Omotayo Daranjo
September 15, 2021
in Business
0
0
SHARES
29
VIEWS
Share on FacebookShare on Twitter

READ ALSO

3 Gratitude Habits for Business Leaders to Motivate Your Teams — and Yourself.

‘Just one in seven’ Black Friday deals are real discounts – as worst offenders exposed

 

The Consumer Price Index which measures inflation rate fell to 17.01 per cent in August, the National Bureau of Statistics said on Wednesday.

According to the latest CPI report, this rate is 0.37 percent points lower than the 17.38 per cent recorded in July this year.

This is the fifth consecutive month that the country’s inflation rate will be trending downward since March this year.

Inflation dropped from 18.17 per cent in March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.

The NBS said that on a month-on-month basis, the Headline index increased by 1.02 percent in August 2021, adding that this is 0.09 percent rate higher than the 0.93 per cent recorded in July 2021.

The report stated, “The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021.

“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.

“The percentage change in the average composite CPI for the twelve months period ending August 2021 over the average of the CPI for the previous twelve months period was 16.60 percent, showing 0.30 percent point from 16.30 percent recorded in July 2021.”

According to the NBS, the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from the 18.01 per cent recorded in July 2021, while the rural inflation rate also rose by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.

On a month-on-month basis, it said that the urban index rose by 1.06 per cent in August 2021, representing 0.08 percent increase over the rate recorded in July 2021, while the rural index also rose by 0.99 per cent in August 2021.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 percent in August 2021.

“This is higher than 16.89 percent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 percent compared to 15.73 percent recorded in July 2021,” the Report added.

For the composite food index, it said this rose by 20.30 percent in August 2021 compared to 21.03 percent in July 2021.

The rise in the food index, it noted, was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tubers, food products, meat and coffee, tea and cocoa.

On a month-on-month basis, it said the food sub-index increased by 1.06 per cent in August 2021, up by 0.20 percent points from the 0.86 percent recorded in July 2021.

 
 
 
Tags: delinesinflation

Related Posts

3 Gratitude Habits for Business Leaders to Motivate Your Teams — and Yourself.
Article

3 Gratitude Habits for Business Leaders to Motivate Your Teams — and Yourself.

May 18, 2023
‘Just one in seven’ Black Friday deals are real discounts – as worst offenders exposed
Business

‘Just one in seven’ Black Friday deals are real discounts – as worst offenders exposed

November 22, 2022
Naira redesign: Squeeze, spray notes, face wrath of law – CBN
Business

Naira redesign: Squeeze, spray notes, face wrath of law – CBN

November 18, 2022
Nigeria bags int’l award for tackling corruption at ports
Business

Nigeria bags int’l award for tackling corruption at ports

November 16, 2022
Big jump in petrol and diesel prices expected in December
Business

Big jump in petrol and diesel prices expected in December

November 9, 2022
Elon Musk sacks almost entire Twitter staff in Ghana 1 year after firm came to Africa
Business

Elon Musk sacks almost entire Twitter staff in Ghana 1 year after firm came to Africa

November 8, 2022
Next Post

Report: The Nigeria Super Eagles Ranked The 21st Most Valuable Team In The World And Third In Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Achievement/Profile
  • Adverts
  • Article
  • Business
  • Entertainment
  • Fashion
  • Features
  • Health
  • News
  • Politics
  • Sports

The Trumpet International Magazine is a real-time and comprehensive news magazine. It is an independent, national news provider for Africans, reporting daily developments and events in South Africa and other African Countries and their Citizens based in South Africa.

Categories

  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts
Menu
  • News
  • Article
  • Business
  • Health
  • Politics
  • Achievement/Profile
  • Sports
  • Features
  • Adverts

Recent Post

My nasty experience with vicious fuel subsidy cabal, by Okonjo-Iweala

Support for Akpabio’s Senate presidency shaky, number of supporters dwindle

Fuel subsidy removal: You’re acting Peter Obi’s script – Fani-Kayode attacks NLC

Applauding Zenith Bank’s Corporate Governance Award Winning Grace 

Kidnapped Anambra Catholic priest regains freedom

News
Omotayo Daranjo
My nasty experience with vicious fuel subsidy cabal, by Okonjo-Iweala

This isn’t the first time the idea of

Read More »

Trumpet Magazine | © 2021.

Facebook Twitter Youtube Linkedin Instagram

Add New Playlist