- A recent report by the Nigerian Bureau of Statistics (NBS) has revealed that inflation is dropping
- This report provides support for the earlier announcement that the country is out of the recession
- Most of the findings were also based on the price of food in the country since the recession of 2016
According to a recent Consumer Price Index (CPI) and Inflation report by NBS, going by a month-on-month basis, the Headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.
The report also states: "The percentage change in the average composite CPI for the twelve-month period ending in August 2017 over the average of the CPI for the previous twelve-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.
"The Urban index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from 16.04 percent recorded in July, and the Rural index increased by 15.91 percent in August from 16.08 percent in July."
Speaking on food prices, the report read in part: “The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09 per cent points from 16.04 per cent recorded in July, and the rural index increased by 15.91 per cent in August from 16.08 per cent in July.
“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28 per cent (year-on-year) in July, up by 0.37 per cent points from the rate recorded in June (19.91 per cent).
“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”
Dr Yemi Kale, the statistician general of the NBS tweeted the following statistics:
READ ALSO: Militants threaten to plunge Nigeria into another recession
Consumer Price Index Source: Twitter, sgyemikale
READ ALSO: Why I don't believe we are out of recession - Governor Wike
NBS latest report Source: Twitter, sgyemikale
NAIJ.com had earlier reported that the NBS confirmed the country was finally out of recession with a positive growth in its Gross Domestic Product (GDP).
PAY ATTENTION: Watch more videos on NAIJ.com TV
The confirmation was made by Dr Yemi Kale, the statistician-general of the federation, in the morning of Tuesday, September 5, 2017.
Watch this NAIJ.com video as Nigerians speak on unemployment in the country: