Commodity prices are dropping as Nigeria emerges from its worst economic recession in 29 years, according to the National Bureau of Statistics (NBS).
The NBS also says inflation has dropped for the seventh consecutive month in 2017.
The NBS report, released on Friday, states that: “Consumer Price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017.
“This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017”.
Nigeria’s inflation figures stood at 18.72% in January 2017 and 18.55% in December 2016.
According to Dr Yemi Kale who is Nigeria’s Statistician General, “In Delta, there was month on month drop in prices of dried mudfish, Garri, but rise in prices of Yam, Chicken feet, fresh mudfish, and beans in August 2017.
“In Edo, there was big month on month drop in prices of eggs, Chicken feet, rice, beef, Garri, but a rise in prices of Onions, Yam, mud fish, beans in August 2017.
In Ekiti, there was big month on month drop in prices of beef, rice, Garri, but rises in prices of peak milk, beans and sliced bread in August 2017”.
Dr Kale also said in August 2017, there was month on month drop in prices of eggs, yam, rice, Garri, but rises in prices of Chicken wings, bee, beans and unsliced bread in August 2017 for Sokoto.
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