Nigeria annual inflation drops to 16.01%

  • Nigeria records highest increases in clothing materials
  • Annual inflation drops by 0.04 per cent

Statistician-General of the National Bureau of Statistics, Dr Yemi Kale

The annual inflation in Nigeria slowed for a seventh month in August, easing to 16.01 per cent, the National Bureau of Statistics (NBS) said on Friday.

The rate of annual inflation was 0.04 per cent lower than in July.

Statistician General of the Federation, Dr Yemi Kale wrote on Twitter that August 2017 inflation report as well as selected food prices, diesel, petrol, cooking gas, transport fares to be published 15/09/17 at 9:30am.

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“The highest increases were recorded in clothing materials and articles of clothing, garments, passenger transport by air, motorcycles, shoes and other footwear,” said the statistics office in its report.

A separate food price index showed inflation at 20.25 percent in August, compared with 20.28 percent in July.

Last week the statistics office said Nigeria emerged from recession in the second quarter of this year with Africa’s biggest economy expanding 0.55 percent year-on-year.

Nigeria’s economy shrank by 1.5 percent in 2016 for its first annual contraction in 25 years.