NBS: Nigeria’s inflation rate drops to 17.01% in August

NBS: Nigeria’s inflation rate drops to 17.01% in August

The National Bureau of Statistics (NBS) has stated that the country’s inflation rate dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.

This was contained in a report issued by the NBS on Wednesday, September 15.

According to the report, the composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa,” the NBS report read in part.

At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-yea; from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

“The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent; compared to 15.73 per cent recorded in July 2021,” the report further stated.

Meanwhile, the Minister of Police Affairs, Maigari Dingyadi, has stated that the outcome of investigations on the alleged fraud case; involving the former Head, Police Intelligence Response Team, Abba Kyari, will be presented to President Muhammadu Buhari.

The Minister also noted that the final decision will be taken by the Police Service Commission.

He added that the fate of the former acting chairman of the Economic and Financial Crimes CommissionIbrahim Magu, would be determined by the President.

The minister spoke on Tuesday, September 14; as a guest on Channels Television’s programme, ‘Politics Today.’

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Dingyadi said that the Presidency had yet to submit the report of the Justice Salami Panel to his ministry and the police authorities.

He said, “The matter has been investigated; and the man (Magu) is still in the service; he is still at the force headquarters.

“What I know is that the report of the committee has been submitted to Mr President; and as far I know, no communication has yet been submitted to the ministry; or to the police force on this matter.

“So, we are waiting for the final outcome; and the public would be informed as and when the need arises.”

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