October 15, (THEWILL) – Nigeria’s inflation rate fell for the sixth consecutive month in September 2021 amid decelerating food prices, the National Bureau of Statistics (NBS) has said.
The NBS in its monthly inflation report released on Friday stated that the prices of goods and services, measured by the Consumer Price Index (CPI) rose by 16.63 percent, representing 0.38 percent points lower than the 17.01 percent recorded in August.
However, on a month-on-month basis, the headline index increased by 1.15 per cent in September 2021, a 0.13 percent rate higher than the rate recorded in August 2021 (1.02) percent.
The statistics bureau also said the Composite Food Index rose 19.57 per cent in September 2021 compared to 20.30 per cent in August 2021.
“The rise in the food index in September was caused by increases in prices of oils and fats, bread and cereals, food products, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg,” the NBS said.
It added that on a 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 months 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,” it said.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
