By Emmanuel Nduka
Nigeria’s inflation slipped further to 16.63 percent in the month of September, compared to 17.01 percent recorded in August.
This is according to the recently released Consumer Price Index (CPI) report for the month of September, by the National Bureau of Statistics (NBS).
The report states that the CPI which measures the rate of inflation, rose by 16.63 percent year-on-year in the review month, which represents 0.38 percent point decrease compared to 17.01 percent recorded in August 2021.
It adds that food inflation, which is a closely watched index also dropped to 19.57 percent in September from 20.3 percent recorded in the prior month, while core inflation rose to 13.74 percent, up by 0.33 percent when compared with 13.41 percent recorded in August 2021.
According to the report, the 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 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.
On month-on-month basis, the Headline Index increased by 1.15 percent in September 2021, 0.13 percent higher than the rate recorded in August 2021 (1.02) percent.
Also, 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.
All Items Inflation on year-on-year basis was highest in Kogi (20.82%), Gombe (19.09 percent) and Oyo (19.07 percent), while Yobe (14.96 percent), Edo (14.85 percent) and Kwara (13.70 percent) recorded the slowest rise in Headline Inflation (year-on-year).
