Nigeria’s Headline Inflation Rate Declines to 15.39%
Nigeria’s headline inflation rate declined to 15.39% year on year in August, according to the National Bureau of Statistics (NBS) consumer price index (CPI) report released on Tuesday.
Inflation fell to 15.39% YoY in August, from 15.43% YoY in July, the National Bureau of Statistics (NBS) reported. The deceleration was driven by a further easing in the core basket, down to 13.29% YoY from 14.97% YoY previously.
Meanwhile, the food basket also tapered to 19.57% YoY from 20.31% YoY previously. On a monthly comparison, inflation moderated to 0.71% in August, compared with 1.57% in July.
Food inflation also softened to 19.57% y/y from 20.31%, with monthly food inflation easing sharply to 1.02% from 5.56%. The August print therefore points to a further cooling in inflationary momentum, although food prices remain a key source of pressure.
