Nigeria’s inflation rate for the month of October 2021 dropped further to 15.99% from 16.63% recorded in September 2021.
This is according to the Consumer Price Index report, released by the National Bureau of Statistics (NBS).
Similarly, the composite food index dropped by 1.23% points to 18.34% in October from 19.57% recorded in the previous month, while core inflation which excludes the prices of volatile agricultural produce stood at 13.24% in October 2021, down by 0.51% points when compared with 13.74% recorded in September 2020.
Also Read: Nigeria’s inflation falls for the fifth consecutive month
The consumer price index, (CPI) which measures inflation increased by 15.99 percent (year-on-year) in October 2021. This is 1.76 percent points higher than the rate recorded in October 2020 (14.23) percent.
Core inflation in the month of October was driven by an increase in the price of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.
The composite food index rose by 18.34 percent in October 2021 compared to 17.38 percent in October
- This rise in the food index was caused by increases in prices of Food product.
On month-on-month basis, the food sub-index increased by 0.91 percent in October 2021, down by 0.35
percent points from 1.26 percent recorded in September 2021.
In October 2021, all items inflation on year-on-year basis was highest in Bauchi with (19.63%),
Edo and Rivers recorded the slowest rise in headline year-on-year inflation. With (13.31%) and (13.66%), While the slowest rise in inflation for all item were Adamawa
with (0.18%), Kano and Kogi recording price deflation or negative inflation
Reporter: Osita Okere Editor: Anoyoyo Ogiagboviogie
