Nigeria’s inflation rate for October 2021 stood at 15.99 percent, the eighth consecutive drop since March 2021.
The latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that the index, which highlights the rate of inflation in the Nigerian economy, dropped from 16.63 percent recorded in September 2021.
The latest inflation rate is about 1.76 percent points higher than 14.23 percent recorded in October 2020.
On month-on-month basis, the report said the headline inflation index rose by about 0.98 percent in October 2021, which is about 0.17 percent rate lower than the 1.15 percent recorded in September 2021.
Also, the report showed that the composite food price index, which highlight the average price of some of Nigeria’s staple food items, dropped by 1.23 percent points to 18.34 percent in October, from 19.57 percent recorded in the previous month.
The urban inflation index rose by 1.02 percent in October 2021, down by 0.19 percentage point from the 1.21 percent rate recorded in September 2021.
On the other hand, rural inflation index rose by 0.95 percent in October 2021, down by 0.15 percentage point the rate than 1.10 percent recorded in September 2021.
The core inflation rate, which excludes the prices of volatile agricultural produce, the NBS said, stood at 13.24 percent in October 2021, down by 0.51 percent points, when compared with 13.74 percent recorded in September 2020.
The rise in the food price index, the report stated, 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.
The core inflation in October, the report said, was driven by an increase in the price of natural gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.
The ‘’All items less farm produce’’ or Core inflation rate, which excludes the prices of volatile agricultural produce, the report said, stood at 13.24 percent in October 2021, up by 2.10 percent points when compared with 11.14 percent recorded in the corresponding period last year.
On month-on-month basis, the core sub-index increased by 0.80 percent in October 2021, down by 0.44 percent point when compared with 1.24 percent recorded in September 2021.