Nigeria’s inflation falls to lowest in seven months

The inflation rate in Nigeria dropped in August to its lowest level in seven months, official data released on Wednesday show.

The National Bureau of Statistics said the inflation rate fell for the fifth straight month to 17.01 percent from 17.38 percent in July, the lowest since February.

Food inflation declined to 20.30 percent from 21.03 percent in July.

“This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, potatoes, yam and other tubers, food products, meat and coffee, tea and cocoa,” the statistics office said.

The NBS said the highest increases were recorded in prices of shoes and other footwear, household textile, motor cars, garments, major household appliances, hospital services, catering services, appliances, articles and products for personal care and clothing materials, other articles of clothing and clothing accessories.

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