Nigeria’s consumer price index (CPI), which measures the rate of change in prices of goods and services, dropped for the sixth consecutive time to 16.63 percent in September.
According to the National Bureau of Statistics (NBS) in its latest report released on Friday, the figure shows a 0.38 per cent points lower than 17.01 percent recorded in August 2021.
According to the report, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On a 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 report stated.
“The percentage change in the average composite CPI for the 12-month period ending September 2021 over the average of the CPI for the previous 12-month period was 16.83 per cent, showing 0.23 per cent points from 16.60 per cent recorded in July 2021.
“The urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the rural inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.
“On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 per cent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) per cent.”
For Food Index, the Composite Food Index rose by 19.57 percent in September 2021 compared to 20.30 percent 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 percent in September 2021, up by 0.20 percent points from 1.06 percent 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 percent, 0.21 percent points from the average annual rate of change recorded in August 2021 (20.50) percent.