Nigeria’s inflation drops by 11.02% in August – NBS

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The National Bureau of Statistics (NBS) says the Consumer Price Index, (CPI) which measured inflation for August 2019 dropped to 11.02% (year-on-year) from 11.08% in July 2019 and 11.22 recorded in June.

The NBS disclosed this in its “CPI and Inflation Report” for August released in Abuja on Tuesday.

It added that food inflation slowed down at at 13.17% in August 2019 from 13.39% in July 2019 while Core inflation dropped to 8.68% in the month under review from 8.80% recorded in the previous month.

The report noted that the rise in the food index was caused by increases in prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers and Fish.

According to the Bureau, the inflation figure is 0.06% points lower than the rate recorded in July 2019.

Peace PIAK