The Nigeria inflation rate for the month of August has slowed down to 8.2 percent due to decline in food prices, the National Bureau of Statistics (NBS) has said.

The Consumer Price Index (CPI) which measures inflation in August rose by 8.2 percent year-on-year, 0.5 percentage points lower from the 8.7 percent recorded July.

The Statistician General Dr Yemi Kale in his monthly statistical report said the rate of inflation slowed as a result of declines in food prices due to the onset of the harvest season.

“This has given temporary respite from the increases exhibited in the previous month. In particular, there was a noticeable moderation in prices of potatoes, yams and other tubers group, vis-à-vis other food groups.”

NBS report stated that the composite Food Index increased year-on-year by 9.7 percent in August adding that this was the first moderation in the food sub-index in three months as increasing farm supplies due to the harvest season may begin to put downward pressure on food prices.

“The rate recorded in August was 0.3 percentage points lower than the 10.0 per cent recorded in July.”
Food prices were also lower on a month-on basis. The Food sub-index increased by 0.5 percent in August, lower from the 0.7 percent recorded in July.

In August, the highest price increases were recorded in the Bread and Cereals, Meats, Fruits and Vegetable classes. The average annual rate of rise of the Food sub-index for the twelve-month period ending in August 2013 was 10.2 percent when compared with the same period in 2012, roughly unchanged from the 12 month average year-on-year change for the period ending in July.

Rates continue to hold steady in the single digit range since the beginning of the year. After trending lower in the first half of the year (from 11.3 percent in January to 5.5 percent in June), the core sub-index has trended upwards for the second consecutive month.

The Urban composite CPI was recorded at 146.8 points in the month in review, an 8.4 percent increase compared with levels recorded in August 2012. “This was also 0.4 percentage points lower than the 8.8 per cent recorded in July.”

The corresponding Rural National CPI recorded an 8.1 percent year-on-year change in August, lower from the 8.6 per cent recorded in July by 0.5 percentage points while on a month-on-month basis, the rates of growth recorded by the Urban and Rural All-items indices while positive, slowed for the second straight month. “The Urban All-items index increased by 0.3 percent in August; down from 0.6 recorded in July, while the Rural All Items index increased by 0.2 percent; 0.3 percentage points lower from 0.5 percent recorded in July.”




http://dailytrust.info/index.php/news/5874-food-prices-slow-down-august-inflation-to-8-2

True, but majorly at wholesale prices. Not sure of retail levels.

Stastical jargons. In Naija,wat goes up neva comes down.

Gari is still N500/custard container

Liars!! Every food price remains as it's been

Please when will 1naira be equal to 1 dollar? Mtcew....yeye talk.

Its obvious say, Person wey write this thing no dey go market. Which food price decline? Abegi tell us another lie wey we no fit confirm.

nedu2000: Gari is still N500/custard container

ops! N500, guy tel me where u day so dat i go day import 4 u make u day sale at N400, see business!!!

Which agency is responsible for informing Nigerians if corruption rate has declined?Nonsense!!!

If i hear!

bad news for some enemies of progress.
they always like bad stat about Nigeria

On what basis was all this calculation made? From their offices? I have never heard or seen NBS in the local market asking for price of anything.

One of the prophecies coming to pass.www.nairaland.com/1446808/prophet-suleimans-prophecies-coming-pass

drstan: ops! N500, guy tel me where u day so dat i go day import 4 u make u day sale at N400, see business!!!

Gotcha! So na una dey pray make everything dey cost abi? So that those ones go come dey give us decline statistics!!!!!!!!!!

sojax2cool: Please when will 1naira be equal to 1 dollar? Mtcew....yeye talk.

continue dreaming.

where?
I still buy my rice at 10,500
Bread is 300 for sliced bread
Eggs are a 1000 a crate
And my titus is 300 per single fish

Nothing has changed! Just that new yam has replaced the old dry yam!!

Y do this people enjoy concoctting figures n statistics that does not reflect wht the common man is going through this is how sometime back anty ngozi said unemployment stood at 30,33% just a little above that of Spain yet can I compare this two economies they forged statistics n figures abt nigerias GDP in GODs name where is the best avenue to measure an improvement in the economy ?the life of a common nigerian then how come the economy the standard of living. Is improving n yet a nigerian knows noting about it insecurity at its peak poverty at its peak unemployment at its peak Nigeria is at the peak of under development n yet this incompetent government is talking abt reelection.for those that weren't born during the June twelve travesty the Nigeria we live now is worst than that but its never to late to make a change.

[size=18pt]This is good news, I hope the price of GARRI has also been affected![/size]

Please is it this Nigeria or is there another Nigeria i dont know about

Lie, a mudu of garri has increased to 200 naira, a mudu of rice is still 350-400 naira, Elubo amala has just increased to 250 per mudu. small semovita is now 220 from 200, spaghetti is now 120 from 100 naira. A big bag of mama gold rice is now 10500 naira. Where the price dey come down dey go? Liars.

Which bureau did this statistics biko nu?

What kind of fictitious report is this.They'd rather say that prices are on all time high not telling us this jargon.Even a three year old can testify.

Useless statistics.


Lie if the century.


Nothing wey go up for naija come down.

9ja can liee

Since we are talking statistics,
does the NBS know that the rate of poverty in Nigeria is reportedly at a whopping 70%?

Story, na which market dem take do statistics

Which Nigeria?

Does this mean Mama Ada plate of eba is no longer #250?

Wow. Good news. Time to start ordering for extra.

pickabeau1: where?
I still buy my rice at 10,500
Bread is 300 for sliced bread[b]
Eggs are a 1000 a crate[/b]
And my titus is 300 per single fish

that crate of egg too dey expensive na, e no suppose pass 800

NBS should justify their continue existence with valid data and stop publishing negative report.