Nigeria’s Inflation Rate Drops to 15.99% in October, Seventh Consecutive Fall in 2021

Nigeria’s inflation rate has dropped again in October 2021 to 15.99 percent from 16.63 percent recorded in September 2021.

This is according to the Consumer Price Index report released by the National Bureau of Statistics (NBS) on Monday.

The monthly consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the seventh consecutive time and is 1.76 percent points higher than the rate recorded in October 2020 (14.23) percent.

According to the bureau, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.

“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 report said.

“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 report, the rise in the food index was caused by increases in prices of food products coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.

On the other hand, core inflation in the month of October was driven by an increase in the price of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.

Omotayo Araoye

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