Nigeria Inflation Eases for Fifth Month, at 17. 01%

Nigeria Inflation Eases for Fifth Month, at 17 01%

By Bashir Olanrewaju

Nigeria’s inflation rate continued its slowing trend for the fifth month in August at 17.01 percent, from 17.38 percent in July.

The composite food index was down to 20.30 percent from 21.03 percent in July as new farm harvests dampened rising prices of food items, according to a statement published on the website of the National Bureau of Statistics.

Cereals, milk, bread, egg and oils were among food items to saw continued price increases during the period.

“On month-on-month basis, the food sub-index increased by 1.06 percent in August,” the statistics bureau said in the statement.

Nigeria saw its inflation soar in the last year as the coronavirus pandemic forced a global lockdown that hurt its economy and caused a sharp drop in the sale of crude oil, it’s main export.