Saturday, November 27, 2021

NIGERIA’S INFLATION FURTHER DROPS TO 15.99% IN OCTOBER

The National Bureau of Statistics (NBS) has revealed that the Consumer Price Index (CPI) which measures inflation increased by 15.99 per cent (year-on-year) in October 2021.

While the country recorded a higher figure in October compared to last year, the inflation rate dropped for the seventh straight month.

In a report titled ‘Consumer Price Index October 2021’ and published on Monday, the agency disclosed that the development indicated an increase of 1.76 per cent points compared with the rate recorded in October 2020 (14.23 per cent).

It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the Headline index increased by 0.98 per cent in October 2021, this is 0.17 per cent rate lower than the rate recorded in September 2021 (1.15) per cent,” the statement read.

“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 per cent, showing 0.13 percent point from 16.83 percent recorded in September 2021.

“The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

“On a month-on-month basis, the urban index rose by 1.02 per cent in October 2021, down by 0.19 percentage point the rate recorded in September 2021 (1.21) per cent, while the rural index also rose by 0.95 per cent in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10) per cent.”

Food Prices

Data from the report indicated that the 12-month year-on-year average percentage change for the urban index was 17.53 per cent in October 2021.

This, according to the NBS, is higher than 17.41 per cent reported in September 2021, while the corresponding rural inflation rate in October 2021 is 16.39 per cent compared to the 16.26 per cent recorded in September 2021.

Meanwhile, the composite food index rose by 18.34 per cent in October 2021 compared to the 17.38 per cent recorded in October 2020.

The NBS attributed the rise in the food index to the 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 month-on-month basis, however, the food sub-index increased by 0.91 per cent in October 2021, down by 0.35 per cent points from 1.26 per cent recorded in September 2021.

“The average annual rate of change of the food sub-index for the twelve-month period ending October 2021 over the previous twelve-month average was 20.75 per cent, 0.04 per cent points from the average annual rate of change recorded in September 2021 (20.71) per cent,” the report said.

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