Nigeria Inflation Rate Drops to 15.98%

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Nigeria’s National Bureau of Statistic (NBS), on Tuesday, revealed that the country’s Inflation has dropped to 15.98 per cent in September from 16.01 per cent recorded in August.

According to the data, it was the eight consecutive time the country’s inflation rate would drop in 2017

Major food sub-indexes increased by 20.32 per cent year-on-year in September, an increase from the 20.25 per cent recorded in August.

The report also showed that on a month-on-month basis, the headline index increased by 0.78 per cent during the month, 0.19 per cent lower than the 0.97 per cent recorded in August.

“This (the year-on-year inflation rate drop) was 0.03 per cent points lower than the rate recorded in August (16.01) per cent making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017,” the report said.

“Increases were recorded in all COICOP divisions that yield the Headline Index.

“On a month-on-month basis, the Headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97percent recorded in August.

“The percentage change in the average composite CPI for the twelve-month period ending in September 2017 over the average of the CPI for the previous twelve-month period was 17.17 per cent, showing 0.16 per cent point lower from 17.33 per cent recorded in August 2017.

“The Urban index rose by 16.18 per cent (year-on-year) in September2017, up by 0.05 per cent point from 16.13 per cent recorded in August and the Rural index increased by 15.81 per cent in September down from 15.91 per cent in August.

“On month-on-month basis, the urban index rose by 0.84 per cent in September 2017, down from 0.99 per cent recorded in August, while the rural index rose by 0.74 per cent in September 2017, down from 0.95 per cent in August.

“The corresponding twelve-month year-on-year average percentage change for the urban index decreased from 18.15 per cent in August to 17.87 per cent in September, while the corresponding rural inflation rate in September was 16.52 per cent compared to 16.58 per cent recorded in August 2017.”

The report also revealed that the rise in the food index was caused by increases in prices of potatoes; yams and other tubers; milk, cheese and eggs; bread and cereals; coffee, tea and cocoa; soft drinks, fish, meat and oil and fats.