Nigeria’s inflation rate fell for the seventh consecutive month in October to 15.99 per cent from 16.63 per cent recorded a month earlier.
The statistics office said Monday that the prices of goods and services, measured by the Consumer Price Index, rose by 15.99 per cent in October, This is 1.76 per cent points higher than the rate recorded in October 2020 (14.23) per cent.
On a month-on-month basis, the headline index increased by 0.98 per cent in October 2021, this is 0.17 per cent lower than the rate recorded in September 2021 (1.15) per cent.
The bureau said the composite food index rose by 18.34 per cent in October 2021 compared to 17.38 per cent in October 2020.
According to the NBS, this rise in the food index was caused by increases in prices of food products, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.
It added that on a month-on-month basis, 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 months ending October 2021 over the previous twelve-month average was 20.75 per cent, 0.04 per cent points from the average the annual rate of change recorded in September 2021 (20.71) per cent,” it said.
The report added that the percentage change in the average composite e CPI for the 12 months ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 per cent, showing a 0.13 per cent point from 16.83 per cent recorded in September 2021.
“The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per 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 points 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,” the report added.