Nigeria’s inflation falls to 16.63%, lowest in eight months

According to the National Bureau of Statistics, the inflation rate in Nigeria declined for the sixth consecutive month to 16.63 percent in September.

Its lowest level since January this year.

In its Consumer Price Index, NBS said the inflation rate fell by 0.38 percent from 17.01 per cent in August.

The drop in headline inflation began in April when it fell to 18.12 per cent from 18.17 per cent in March.

“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,” the NBS said.

It said farm produce such as bread, cereals, cocoa, meat, coffee, tea and cocoa drove food inflation, which fell to 19.57 per cent in September from 20.30 percent in August.

Other items that led to the rise in the composite food index in September included oils and fats, yam and other tubers, fish, potatoes, milk, cheese and egg.

“On 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 percent recorded in August 2021,” the NBS said.

The Statistician-General of the Federation, Simon Harry, said the fall in the inflation rate signalled an improvement in government performance and more favourable economic conditions.

He said, “The inflation rate in Nigeria has maintained a consecutive decline in year-on-year for a period of six consecutive months, starting from March 2021 to August 2021.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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