Nigeria’s inflation in the month of September 2017 dropped to 15.98 percent from 16.01 percent in August 2017, data released by the National Bureau of Statistics (NBS) on Tuesday, October 17, 2017, revealed.
According to the NBS, the Consumer Price Index (CPI), which measures inflation increased by 15.98 percent (year-on-year) in September 2017. This was 0.03 percent points lower than the rate recorded in August (16.01) percent making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017.
The NBS said increases were recorded in all COICOP divisions that yield the Headline Index.
On a month-on-month basis, the Headline index increased by 0.78 percent in September 2017, 0.19 percent points lower from the rate of 0.97percent recorded in August.
The percentage change in the average composite CPI for the twelve-month period ending in September2017 over the average of the CPI for the previous twelve-month period was 17.17 percent, showing 0.16 percent point lower from 17.33 percent recorded in August 2017.
It said the Urban index rose by 16.18 percent (year-on-year) in September2017, up by 0.05 percent point from 16.13 percent recorded in August and the Rural index increased by 15.81 percent in September down from 15.91 percent in August.
On month-on-month basis, the urban index rose by 0.84 percent in September 2017, down from 0.99 percent recorded in August, while the rural index rose by 0.74 percent in September 2017, down from 0.95 percent in August.
The corresponding twelve-month year-on-year average percentage change for the urban index decreased from 18.15 percent in August to 17.87 percent in September, while the corresponding rural inflation rate in September was 16.52 percent compared to 16.58 percent recorded in August 2017.