Inflation drops to 16.01% — seventh decline since January

Data from the National Bureau of Statistics shows that inflation has dropped for the seventh consecutive month in 2017.

“Consumer price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017,” the NBS report released on Friday and seen by TheCable read.

“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.

“The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08%  in July.”

NBS data showed that food prices recorded an eight-year high in July.

“Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28% (year-on-year) in July, up by 0.37% points from the rate recorded in June (19.91%),” the report said.

“This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.”

According to the NBS, food index reduced by 0.03% to stand at 20.25%  as against 20.28% recorded in July.

“Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25% (year-on-year) in July, down marginally by 0.03% points from the rate recorded in July (20.28%).”

Inflation rate declined from 18.72% in January to stand at 16.01% in August 2017.