Nigeria Cameroon border

Nigeria's inflation rate has dropped by 0.06 in the last month, the National Bureau of Statistics said on Tuesday.

According to the Consumer Price Index, the inflation rate dropped from 11.08 percent in July to 11.02 percent in August.

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

Similarly, food inflation dropped to 13.17% from 13.39%, while core inflation dropped to 8.68% from 8.80% recorded in the previous month.

With respect to the impact of border closure on consumer prices, the bureau stated that the country may not see the significant effect on inflation now as the closure was only captured for 11 days during the 31 days reference period in August.

According to the bureau, the rise in the food index was caused by increases in prices of oils and fats, meat, bread and cereals, potatoes, yam, and other tubers and fish.

On a month-on-month basis, the food sub-index increased by 1.22% in August 2019, down by 0.04% points from 1.26% recorded in July 2019.

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