Nigeria inflation slows for sixth straight month

nigeria-inflation-slows-for-sixth-straight-month

Nigeria’s inflation rate fell for the sixth consecutive month in September amid decelerating food prices, the National Bureau of Statistics has talked about.

The statistics office talked about Friday that the prices of things and services and products, measured by the User Price Index (CPI), rose by 16.63 per cent. Right here’s 0.38 per cent functions lower than the rate recorded in August 2021 (17.01) per cent.

On a month-on-month basis, the headline index elevated by 1.15 per cent in September 2021, a 0.13 per cent rate better than the rate recorded in August 2021 (1.02) per cent.

The bureau talked about the Composite Food Index rose 19.57 per cent in September 2021 when put next with 20.30 per cent in August 2021.

In accordance with the NBS, this rise in the food index in September used to be caused by will increase in prices of oils and fat, bread and cereals, food product, fish, espresso, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg

It added that on a month-on-month basis, the food sub-index elevated by 1.26 per cent in September 2021, up by 0.20 per cent functions from 1.06 per cent recorded in August 2021.

“The favored annual rate of commerce of the Food sub-index for the twelve months ending September 2021 over the old twelve-month moderate used to be 20.71 per cent, 0.21 per cent functions from the moderate annual rate of commerce recorded in August 2021 (20.50) per cent,” it talked about.

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The file added that the share commerce in the moderate composite CPI for the twelve months ending September 2021 over the moderate of the CPI for the old twelve-month length used to be 16.83 per cent, showing a 0.23 per cent point from 16.60 per cent recorded in July 2021.

“The Urban Inflation rate elevated 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 elevated by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index moreover rose by 1.10 per cent in September 2021, up by 0.11 the rate that used to be recorded in August 2021 (0.99) per cent, the file added.

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