By Etuka Sunday
National Bureau of Statistics (NBS) has announced a decline in inflation to 16.01 percent in August as against the 16.05 recorded the month of July.
The 0.04 percent points drop according to NBS, made it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.
On a month-on-month basis, the Headline index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in June.
Food price inflation increased by 20.25 percent (year-on-year) in July, down marginally by 0.03 percent points from the rate recorded in July (20.28 percent).
On a month-on-month basis, the Food sub-index increased by 1.14 percent in July, down by 0.38 percent points from 1.52 percent recorded in July.
The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.10 percent during the month of August to 12.30 percent points from 12.20 percent recorded in July.
On a month-on-month basis, the Core sub-index increased by 0.93 percent in August, 0.07 percent points lower from 1.00 percent recorded in July.