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Despite border closure, other measures, inflation dips to 11.02 per cent in August —NBS

Data from the National Bureau of Statistics (NBS) on Tuesday has shown that Nigerian inflation rate has gone down from 11.08 percent in July to 11.02 per cent in August.

The NBS Consumer Price Index, (CPI) which measures inflation revealed that the current inflation rate of 11.02 per cent (year-on-year)  is 0.06 per cent lower than the rate recorded in July.

The CPI measures the average change over time in prices of goods and services consumed by people for dayto-day living.

The disinflation, the NBS said, continued in August despite several pronouncements regarding restrictions on the import of some food items, minimum wage and the recent border closures.

It however, explained that, the border was only closed on August 20 with only 11 days of 31days for any significant impact to be felt either way on prices.

“The inflation rate is also the average prices for the whole month and not only the price of goods and services in the last few days of the month,”NBS said.

“Furthermore, the harvest season and existing weak consumer demand and their natural effect to slow down food and other prices will also play a major role in determining the direction of inflation.”

Every month, NBS said, 10,534 informants spread across the country provide price data for the computation of the CPI.

The market items currently comprise of 740 goods and services regularly priced, it said.

 

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