Put out of your mind Nigeria’s slowing inflation — food prices aloof excessive

put-out-of-your-mind-nigeria’s-slowing-inflation-—-food-prices-aloof-excessive

The NBS compares the prices of egg, rice, garri and further.

The National Bureau of Statistics (NBS) says the prices of some food items in Nigeria increased in September.

Right here is coming despite the nation’s headline inflation slowing in the final sixth months.

Inflation indicators compare prices of goods and products and companies in 12 months. A decline doesn’t necessarily imply a reduction in prices, as yet another it reveals the payment of label magnify had fallen when put next with old months.

Headline inflation (all goods and products and companies) reached its lowest payment in six months in September, following a peak in March. Meals inflation also slowed however stays excessive however.

“The prices of goods and products and companies, measured by the User Mark Index (CPI), rose by 16.63 per cent. Right here is 0.38 per cent ingredients decrease than the payment recorded in August 2021 (17.01) per cent,” NBS had acknowledged in September.

In its ‘Selected Meals Mark Look’ data for September 2021, printed on Tuesday, the bureau acknowledged its data showed that the frequent label of 1 dozen agric eggs medium size increased year-on-year by 25.84 per cent and month-on-month by 3.31 per cent to N604.99 in September 2021 from N585.64 in August.

It acknowledged the frequent label of an ‘agric’ eggs medium size (the associated payment of 1) increased year-on-year by 27.33 per cent and month-on-month by 2.67 per cent to N54.62 in September 2021 from N53.20 in August 2021.

Equally, the frequent label of 1kg of native rice increased year-on-year and month-on-month by 4.95 per cent and nil.01 per cent respectively to N410.01 in September 2021 from N409.97 in August 2021.

READ ALSO: How label of garri soared by over 100% in Akwa Ibom despite investment

Furthermore, the frequent label of 1kg of tomato increased year-on-year by 19.28 per cent and reduced month-on-month by -13.66 per cent to N342.25 in September 2021 from N396.38 in August 2021.

Equally, it acknowledged the frequent label of 1kg of Garri white, increased year on year by 27.91 per cent and reduced month on month by -6.63 per cent to N301.58 in September 2021 from N323.01 in August 2021.

The NBS acknowledged in arriving at the record, fieldwork become done by extra than 700 NBS employees in all states of the federation supported by supervisors who had been monitored by inner and exterior observers.

It acknowledged the NBS audit crew as a result of this truth conducted randomly selected verification of the prices recorded.


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