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Nigeria: Inflation rate drops by over 17 percent – Official

Nigeria's rate of inflation has witnessed a 17.01 percent drop in August compared to 17 38 percent in July of…

Nigeria’s rate of inflation has witnessed a 17.01 percent drop in August compared to 17 38 percent in July of this year, APA can report quoting the national statistics office on Wednesday.According to the National Bureau of Statistics (NBS) the drop continues for the fifth straight month as food inflation slowed to 20.30 percent in the review period compared to 21.03 percent in July.

The NBS noted that food prices increased at a slower rate in August following moderation in prices of bread and cereals, milk, cheese and  egg, oils and fats, potatoes, yam and other tuber, food products, meat  and coffee, tea and cocoa.

On the other hand, core inflation, which excludes the prices of volatile agricultural produce also slowed to13.41 percent in August 2021, down by 0.31 percent when compared with 13.72 percent in July.

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