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Tuesday, 26 October 2021 11:23 Written by
Published in SME Opportunities

Nigeria’s inflation rate drops again to 16.63% in September 2021

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Nigeria’s headline inflation in the month of September 2021, dropped further to 16.63% compared to 17.01% recorded in the previous month. This is according to the recently released CPI report for the month of September, by the National Bureau of Statistics.

According to the report, the consumer price index, which measures the rate of inflation rose by 16.63% year-on-year in the review month. This represents 0.38% point decrease compared to 17.01% recorded in August 2021.

Food inflation, which is a closely watched index also dropped to 19.57% in September from 20.3% recorded in the prior month while core inflation rose to 13.74%, up by 0.33% when compared with 13.41% 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% (year-on-year) in September 2021 from 17.59% recorded in August 2021, while the Rural Inflation rate increased by 16.08% in September 2021 from 16.45% in August 2021.

On month-on-month basis, the Headline Index increased by 1.15% in September 2021, this is 0.13% higher than the rate recorded in August 2021 (1.02) percent.

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%), 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).

 

Source: https://nairametrics.com/2021/10/15/nigerias-inflation-rate-drops-again-to-16-63-in-september-2021/

 

Read 24 times Last modified on Wednesday, 27 October 2021 20:01

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