Nigeria’s National Bureau of Statistics (NBS) on Friday said the nation’s headline inflation in the month of September 2021, dropped to 16.63 per cent compared to 17.01 per cent recorded in the previous month of August.
The NBS Consumer Price Index (CPI), which measures the rate of inflation, rose by 16.63 per cent year-on-year in the review month. This represents 0.38 per cent point decrease compared to 17.01 per cent recorded in August 2021.
Food inflation, which is a closely watched index also dropped to 19.57 per cent in September from 20.3 per cent recorded in the prior month while core inflation rose to 13.74 per cent, up by 0.33 per cent when compared with 13.41 per cent recorded in August 2021.
This rise in the food index was caused by increases in prices of oils and fats, bread and cereals, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.
Meanwhile, 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 month-on-month basis, the Headline Index increased by 1.15 per cent in September 2021, this is 0.13% higher than the rate recorded in August 2021 (1.02) per cent.
In terms of non-farm produce, 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.
In September 2021, All Items Inflation on year-on-year basis was highest in Kogi (20.82 per cent), Gombe (19.09 per cent) and Oyo (19.07 per cent) while Yobe (14.96 per cent), Edo (14.85 per cent) and Kwara (13.70 per cent) recorded the slowest rise in Headline Inflation (year-on-year).
