Nigeria’s Inflation rate drops to 15.99% in October – NBS

Nigeria’s Inflation rate drops to 15.99% in October – NBS

Nigeria’s National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measures the rate of change in prices of goods and services, declined for the seventh consecutive time to 15.

99 percent in October 2021.

The NBS made this known via its website https://www.

nigerianstat.

gov.

ng/ on Monday, 15 November 2021
According to the CPI and Inflation Report for October 2021; “This is 1.

76 percent points higher than the rate recorded in October 2020 (14.

23) percent.

The bureau stated that increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the headline index.

It said that 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.


According to the NBS, the urban inflation rate increased by 16.

52 percent (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.

 “The twelve-month year-on-year average percentage change for the urban index is 17.

53 percent in October 2021.

This is higher than 17.

41 percent reported in September 2021, while the corresponding rural inflation rate in October 2021 is 16.

39 percent compared to 16.

26 percent recorded in September 2021.

“Also, the composite food index rose by 18.

34 percent in October 2021 compared to 17.

38 percent in October 2020.

“This rise in the food index was caused by increases in prices of Food product Coffee, tea and cocoa, Milk, cheese and eggs, Bread and cereals, Vegetables and Potatoes, yam and other tuber.

“On a month-on-month basis, the food sub-index increased by 0.

91 percent in October 2021, down by 0.

35 percent points from 1.

26 percent recorded in September 2021.

“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.


NBS/PIAK
Nigeria’s Inflation rate drops to 15.

99% in October – NBS

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