The National Bureau of Statistics has said that the Consumer Price Index which measures inflation rate dropped to 17.01 per cent in August.

According to the latest CPI report released today, this rate is 0.37 percent points lower than the 17.38 percent recorded in July this year.

This is the fifth straight month that the Nigeria's inflation rate will be moving downward since March this year.

Inflation plunged from 18.17 per cent in March to 18.12 per cent in April before dropping further to 17.93 per cent, 17.75 per cent and 17.38 per cent in the months of May, June and July respectively.

The report noted, “The consumer price index, which measures inflation increased by 17.01 percent (year-on-year) in August 2021.

“This is 0.37 percent points lower than the rate recorded in July 2021 (17.38) percent.

“The percentage change in the average composite CPI for the twelve months period ending August 2021 over the average of the CPI for the previous twelve months period was 16.60 percent, showing 0.30 percent point from 16.30 percent recorded in July 2021.”