Despite Rising Prices, NBS Says Nigeria’s Inflation Dropped Further To 16.63%

Despite the rising prices of goods and services in the country, the National Bureau of Statistics on Friday said that the Consumer Price Index which measures inflation dropped from 17.01 per cent in August to 16.63 per cent in September.

The NBS said this in its CPI Report which was released on Friday in Abuja.

The Report stated, “The Consumer Price Index, (CPI) which measures inflation increased by 16.63 percent (year-on-year) in September 2021. This is 0.38 percent points lower than the rate recorded in August 2021 (17.01) percent. Increases were recorded in all COICOP divisions that yielded the Headline Index.

“On month-on-month basis, the Headline Index increased by 1.15 percent in September 2021, this is 0.13 percent rate higher than the rate recorded in August 2021 (1.02) percent. The percentage change in the average composite CPI for the twelve-month period ending September 2021 over the average of the CPI for the previous twelve-month period was 16.83 percent, showing 0.23 percent point from 16.60 percent recorded in July 2021.

“The Urban Inflation rate increased by 17.19 percent (year-on-year) in September 2021 from 17.59 percent recorded in August 2021, while the Rural Inflation rate increased by 16.08 percent in September 2021 from 16.45 percent in Au gust 2021.

“On a month-on-month basis, the Urban Index rose by 1.21 percent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 percent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) percent.”

The highest increases were recorded in prices of gas, household textile, garments, motor car, game of chance, ma jor household appliances whether electric or not, passenger transport by air, hospital services, other services in re spect personal transport equipment, wine, clothing materials, other articles of clothing and clothing accessories, non-durable household goods.