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Nigeria’s inflation drops below 17%

By News Desk

The National Bureau of Statistics (NBS) has disclosed that the Consumer Price Index which measures Nigeria’s inflation has increased by 16.63 per cent (year-on-year) in September 2021.

It explained that the new figure was 0.38 per cent points lower than the rate recorded in August 2021 (17.01) per cent.

The NBS said that the development also represents a consistent decline of inflation rate in the last seven months as increases were recorded in all COICOP divisions that yielded the Headline Index.

On a month-on-month basis, the the NBS said that Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent rate higher than the rate recorded in August 2021 (1.02) per cent.

The bureau said the Composite Food Index rose 19.57 per cent in September 2021 compared to 20.30 per cent in August 2021. According to the NBS, this rise in the food index in September was caused by increases in prices of oils and fats, bread and cereals, food product, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg

It added that on a month-on-month basis, the food sub-index increased by 1.26 per cent in September 2021, up by 0.20 per cent points from 1.06 per cent recorded in August 2021.

“The average annual rate of change of the Food sub-index for the twelve months ending September 2021 over the previous twelve-month average was 20.71 per cent, 0.21 per cent points from the average annual rate of change recorded in August 2021 (20.50) per cent,” it said.

The report added that the percentage change in the average composite CPI for the twelve months ending September 2021 over the average of the CPI for the previous twelve-month period was 16.83 per cent, showing a 0.23 per cent point from 16.60 per cent recorded in July 2021.

“The Urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the Rural Inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 per cent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) per cent, the report added.

The NBS Statistician-General, Dr Simon Harry, who presented the report during a press briefing on Friday, stated that the decline in the inflation rate was an indication of a positive trend and recovery of the economy considering the difficult situation the economy is currently in, assuring that the trend would be maintained for a long time to come.

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