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BREAKING: Nigeria’s inflation drops further in September to 16.63%

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Nigeria’s inflation rate has dropped further to 16.63 percent in September from 17.01 percent reported in August 2021.

The National Bureau of Statistics (NBS) disclosed this in its September Consumer Price Index (CPI) report published on Friday.

CPI measures the rate of change in the prices of goods and services in Nigeria.

According to the data, the September inflation rate is 0.38 percent lower than the 17.01 percent rate registered in August 2021.

It also showed that September rate makes the fifth month in a row that inflation rate has slowed.

This implies that although prices continued to rise, it is now at a slower rate than the last three months.

Breakdown on month-on-month basis, shows 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,” NBS said.

On location

NBS noted that 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.

While for 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.

For food

The Composite Food Index rose by 19.57 percent in September 2021 compared to 20.30 percent in August 2021.

The reported shows that the 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,”NBS added.

READ ALSO: Nigeria’s inflation rate reduces by 0.37% to 17.01% in August

For Agriculture

NBS said 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.

While 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.

NBS added, “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.”

On breakdown for states

NBS data shows In September 2021, All Items Inflation on year-on-year basis was highest in Kogi (20.82), Gombe (19.09%) and Oyo (19.07%).

While Yobe (14.96%), Edo (14.85%) and Kwara (13.70%) recorded the slowest rise in Headline Inflation (year-on-year).

On month-on-month basis however, September 2021, Ebonyi (3.42%), Kano (2.41%) and Rivers (1.88%) recorded the slowest rise.

“Zamfara, Benue and Cross River recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate),” NBS stated.

For states food inflation

Residents in paid the highest for food in September with Kogi recording 26.63% food inflation rate. Oyo followed with 22.40% and Gombe (22.16%),

While Bauchi (16.35%), Yobe (16.33%) and River (15.97%) recorded the slowest rise in year-on-year Food Inflation.

On month-on-month basis however, September 2021 Food Inflation was highest in Kaduna (2.22%), Kano (2.17%) and Anambra (2.15%).

“While Benue (0.23%) and Kebbi (0.09%) recorded the slowest rise with Zamfara recording price deflation or negative inflation (general decrease in the general price level of food or a negative Food Inflation rate).”

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