Economy

Nigeria’s inflation slows for sixth straight month

National Bureau of Statistics NBS

Nigeria’s inflation rate fell for the sixth consecutive month in September amid decelerating food prices, the National Bureau of Statistics has said.

The statistics office said Friday that the prices of goods and services, measured by the Consumer Price Index (CPI), rose by 16.63 per cent. This is 0.38 per cent points lower than the rate recorded in August 2021 (17.01) per cent.

On a month-on-month basis, the headline index increased by 1.15 per cent in September 2021, a 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.

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