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Nigeria’s inflation eases for 5th straight month in August

Nigeria’s inflation rate eased in August for a fifth straight month to 17percent after the country’s accelerating food prices slowed, data from the National Bureau of Statistics (NBS) shows.

Food price inflation, the major headline component, eased 73 basis points in August to 20.3 percent. According to the NBS report, the rise in the food index was driven by the increases in prices of bread and cereals, milk, cheese and egg, oil and fats, tea, and cocoa.

Read also: Nigeria among nations least prepared for rising global inflation

Core inflation, excluding prices of farm produce, fell 31 basis points to 13.4percent.

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