The National Bureau of Statistics has announced that the Consumer Price Index which measures inflation rate fell to 17.01 per cent in August.
According to the latest CPI report, the rate is 0.37 percent points lower than the 17.38 per cent recorded in July 2021.
Inflation dropped from 18.17 per cent in March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.
The report reads, “The consumer price index, which measures inflation, increased by 17.01 percent (year-on-year) in August 2021.
“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.”
“The percentage change in the average composite CPI for the twelve months period ending August 2021 over the average of the CPI for the previous twelve months period was 16.60 percent, showing 0.30 percent point from 16.30 percent recorded in July 2021.”
According to the NBS, the urban inflation rate increased by 17.59 per cent (year-on-year) in August 2021 from the 18.01 per cent recorded in July 2021, while the rural inflation rate also rose by 16.43 per cent in August 2021 from 16.75 per cent in July 2021.
This is the fifth consecutive month that the country’s inflation rate will be trending downward since March this year.