Nigeria’s inflation drops to 16.63% as food prices remain high – NBS

For the sixth consecutive times the, the monthly inflation has dropped to 16.63 per cent in September from August figure of 17.01 per cent, National Bureau of Statistics (NBS) announced Friday.

The figure represents 0.38 per cent points lower than the rate recorded in August figure.

However, increases in price of food items were recorded on items such as oils, fats, bread and cereals, food product, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.

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

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 per cent, showing 0.23 per cent point from 16.60 per cent recorded in July 2021″, NBS said.

The data showed food index rose by 19.57 per cent in September 2021 compared to 20.30 per cent in August 2021.

“This 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 per cent in September 2021, up by 0.20 per cent points from 1.06 per cent 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 per cent, 0.21 per cent points from the average annual rate of change recorded in August 2021 (20.50) per cent.”