BrandArena: Nigeria’s inflation falls for fifth straight month in August

Wednesday 15 September 2021

Nigeria’s inflation falls for fifth straight month in August

The National Bureau of Statistics (NBS) on Wednesday announced that Nigeria's Consumer Price Index has further decreased to 17.01 per cent in August.

This figure is 0.37 percentage points lower than the 17.38 per cent recorded in July of this year, according to the most recent CPI report.

Since March of this year, the country's inflation rate has been heading downward for the sixth month in a row.

Inflation fell from 18.17 per cent in March to 18.12 per cent in April, then to 17.93 per cent, 17.75 per cent, and 17.38 per cent in May and June, respectively.

According to Reuters, the Central Bank governor, Godwin Emefiele, said on Tuesday that the lowering inflationary trend reflected government initiatives.

As Nigeria approaches harvest season, Mr Emefiele expects the rate of inflation to slow even more.

Since September, the CBN has kept the policy rate at 11.5 per cent to strike a compromise between stimulating growth and maintaining price stability.

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