Nigeria’s inflation rate decelerates for seventh consecutive time to 15.99% in Oct.

The latest data from the National Bureau of Statistics (NBS) has shown that 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 per cent 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 per cent points higher than the rate recorded in October 2020 (14.23) per cent.

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 a month-on-month basis, the Headline index increased by 0.98 per cent in October 2021; “This is 0.17 per cent rate lower than the rate recorded in September 2021 (1.15) per cent.

“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 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September 2021.”

According to the NBS, the urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

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

“The twelve-month year-on-year average percentage change for the urban index is 17.53 per cent in October 2021. This is higher than 17.41 per cent reported in September 2021, while the corresponding rural inflation rate in October 2021 is 16.39 per cent compared to 16.26 per cent recorded in September 2021.

“Also, the composite food index rose by 18.34 per cent in October 2021 compared to 17.38 per cent 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 tubers.

“On a month-on-month basis, the food sub-index increased by 0.91 per cent in October 2021, down by 0.35 per cent points from 1.26 per cent 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 per cent, 0.04 per cent points from the average annual rate of change recorded in September 2021 (20.71) per cent.”