The fresh news update reveals according to financial analysts at the FSDH Research, which is the research arm of FSDH Merchant Bank, have projected a slower inflation rate of 15.99% for the month of August.

It is reported that the National Bureau of Statistics, had reported 16.05% inflation rate in July & may soon release the figure for Consumer Price Index in August, which is used in measuring the nation' inflation rate.

The FSDH's new report said: "We expect the inflation rate to drop marginally to 15.99% in August 2017 from 16.05% reported in the month of July 2017.".

The organization stated that its model indicates that the general price movement in the consumer goods & services in August 2017 increased the Composite Consumer Price Index to 239.27 points, representing a month-on-month increase of 0.95 per cent.

"We estimate that the increase in the CCPI in August 2017 would produce an inflation rate of 15.99percent marginally lower than the 16.05percent recorded in July," it said, adding that the expected decrease in the inflation rate was largely attributed to the downward movement in some categories of non-food items in the Consumer Price Index basket, as well as decrease in some food prices.

Based on the data calendar released on the website of the National Bureau of Statistics, we expect the NBS to release the inflation rate for the month of August 2017 on September 15, 2017.

"The monthly Food Price Index that the Food & Agriculture Organization released last week indicates that the index averaged 176.6 points in August 2017, 1.30percent lower than the July 2017 value."