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Nigeria’s Inflation Rate Drops To 16.63% In September – NBS

Nigeria’s Inflation Rate Declined to 17.75% in June, Says NBS

The Consumer Price Index (CPI) which measures inflation dropped by 0.38 percent points to 16.63 percent in September from 17.01 percent in August this year.

However, on a year-on-year basis, inflation increased by 16.63 per cent in September 2021, according to the latest CPI index published by the National Bureau of Statistics (NBS) on Friday.

The decline, according to the report, 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.

The report stated, “The Consumer Price Index, (CPI) which measures inflation increased by 16.63 percent (year-on-year) in September 2021. This is 0.38 percent points lower than the rate recorded in August 2021 (17.01) percent.

“On a month-on-month basis, the 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.”

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Also, the Composite Food Index rose by 19.57 percent in September 2021 compared to 20.30 percent in August 2021 due to increase in 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.

On month-on-month basis, the food sub-index increased by 1.26 percent in September 2021, up by 0.20 percent
points from 1.06 percent recorded in August 2021.

Core inflation, which excludes the prices of volatile agricultural produce stood at 13.74 percent in September 2021, up by 0.33 percent when compared with 13.41 percent recorded in August 2021.

On month-on-month basis, the core sub-index increased by 1.24 percent in September 2021. This was up by 0.47
percent when compared with 0.77 percent recorded in August 2021.

The report stated, “The highest increases were recorded in prices of gas, household textile, garments, motor car, game of chance, major household appliances whether electric or not, passenger transport by air, hospital services, other services in respect personal transport equipment, wine, clothing materials, other articles of clothing and clothing accessories, non-durable household goods.”

Presenting the report at a press briefing, the Statistician-General of the National Bureau of Statistics (NBS), Dr Simon Harry, said the decline in the inflation rate is 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.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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