Nigeria’s inflation rate for September dips to 16.63%

By Agence de Presse Africaine Last updated Oct 18, 2021

On month-on-month basis, the Headline Index increased by 1.15 percent in September 2021, this is 0.13 percent rate higher than the rate recorded in August 2021 percent. “The Urban Inflation rate increased by 17.19 percent in September 2021 from 17.59 percent recorded in August 2021, while the Rural Inflation rate increased by 16.08 percent in September 2021…

APA – Lagos (Nigeria) The National Bureau of Statistics (NBS) has announced that Nigeria’s inflation rate for the month of September this year dropped to 16.63 percent (year-on-year).

The NBS said in its monthly report of Consumer Price Index (CPI), which measures inflation, that the figure was 0.38 percent points lower than 17.01 percent recorded in August 2021.

It explained that increases were recorded in all COICOP divisions that yielded the Headline Index. On month-on-month basis, the Headline Index increased by 1.15 percent in September 2021, this is 0.13 percent rate higher than the rate recorded in August 2021 (1.02) percent.

“The percentage change in the average composite CPI for the twelve-month period ending September 2021 over the average of the CPI for the previous twelve-month period was 16.83 percent, showing 0.23 percent point from 16.60 percent recorded in July 2021.

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

“On a month-on-month basis, the Urban Index rose by 1.21 percent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 percent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) percent,” it said.

According to the report, the Composite Food Index rose by 19.57 percent in September 2021 compared to 20.30 percent in August 2021.

The NBS stated that this rise in the food index was caused by increases in prices of oils and fats, bread and cereals, food product N.E.C., 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.

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

“The ‘’All items less farm produce’’ or 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,” it said.

It explained that 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.

“The average twelve-month annual rate of change of the index was 12.55 percent for the twelve-month period ending September 2021; this is 0.26 percent points higher than 12.29 percent recorded in August 2021,” it added.

GIK/APA