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Nigeria’s inflation drops to 15.99 percent October 2021: NBS

*The National Bureau of Statistics reveals the composite food index also increased by 18.34 percent October 2021 compared to the 17.38 percent recorded October 2020

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS), Abuja, FCt, has disclosed the Consumer Price Index (CPI), which measures inflation increased by 15.99 percent (year-on-year) October 2021, in Nigeria.

As the West African country recorded a higher figure October compared to last year, the inflation rate dropped for the seventh straight month, the agency said.

ConsumerConnect reports the NBS in a document titled: ‘Consumer Price Index October 2021’, which the agency published Monday, November 15, 2021, it stated that the development indicated an increase of 1.76 percent points, compared to the rate recorded October 2020 (14.23 percent).

It also explained the recent increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The report said: “On month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) percent.”

“The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 percent, showing 0.13 percent point from 16.83 percent recorded in September 2021.”

The NBS further stated: “The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 percent in October 2021 from 13.68 percent in October 2020.

“On a month-on-month basis, the urban index rose by 1.02 percent in October 2021, down by 0.19 percentage point the rate recorded in September 2021 (1.21) percent, while the rural index also rose by 0.95 percent in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10) percent.”

In connection with food prices during the period under consideration, the agency’s report indicated that the 12-month year-on-year average percentage change for the urban index was 17.53 percent in October 2021.

According to NBS, this is higher than 17.41 percent reported September 2021, whereas the corresponding rural inflation rate in October 2021 is 16.39 percent compared to the 16.26 percent recorded in September 2021.

Further still, the agency said that the composite food index rose by 18.34 percent in October 2021 compared to the 17.38 percent recorded in October 2020.

The NBS attributed the rise in the food index to the increases in prices of food products, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.

On month-on-month basis, however, the food sub-index increased by 0.91 percent October 2021, down by 0.35 percent points from 1.26 percent recorded September 2021.

The report stated: “The average annual rate of change of the food sub-index for the twelve-month period ending October 2021 over the previous twelve-month average was 20.75 percent, 0.04 percent points from the average annual rate of change recorded in September 2021 (20.71) percent.”

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