Why Nigeria’s inflation rate drops to 16.63 percent September 2021: NBS

*The National Bureau of Statistics indicates the decline in inflation rate is an indication of a positive trend and recovery of the Nigerian economy, considering the difficult situation the economy is experiencing

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS) has disclosed how Nigeria’s Consumer Price Index (CPI), which measures inflation, increased by 16.63 percent (year-on-year) September 2021.

ConsumerConnect reports this is 0.38 percent points lower than the rate recorded August 2021 (17.01) percent.

Inflation rate concept  Photo: American Express

Dr. Simon Harry, Statistician-General of the Federation, who presented the report at a media briefing, noted that the decline also represented a consistent decline of inflation rate in the last seven months as increases were recorded in all COICOP divisions that yielded the Headline Index in the economy.

On a 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, said the NBS.

Dr. Harry said the decline in the inflation rate was an indication of a positive trend and recovery of the economy, in view of the difficult situation the economy is currently in.

He also assured Nigerian consumers, that the trend would be maintained for a long time to come.