Nigeria’s headline inflation dropped to 16. 6 per cent in the month of September 2021, compared to 17.01 per cent recorded in the previous month.
This was according to the recent consumer price index report released for the month of September by the National Bureau of Statistics.
The consumer price index, which measures the rate of inflation rose by 16.63 per cent year-on-year in the review month. This represents 0.38 per cent point decrease compared to 17.01 per cent recorded in August 2021.
Food inflation, which is a closely watched index also dropped to 19.57 per cent in September from 20.3 per cent recorded in the prior month while core inflation rose to 13.74 per cent up by 0.33 per cent when compared with 13.41 per cent recorded in August 2021.
This rise in the food index was caused by increases in prices of oils and fats, bread and cereals, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.
Meanwhile, 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 Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent higher than the rate recorded in August 2021 (1.02) percent.
In terms of non-farm produce, the highest increases were recorded in prices of gas, household textile, garments, motor car, game of chance, major household appliances whether electric or not, passenger transport by air, hospital services, other services in respect personal transport equipment, wine, clothing materials, other articles of clothing and clothing accessories, non-durable household goods.