Nigeria’s Inflation Rate Drops For Eight Consecutive Time

The National Bureau of Statistics (NBS) has revealed that Nigeria’s inflation rate dropped from 16.01 per cent in August to 15.98 per cent in September.

The NBS made this known on Tuesday in its Consumer Price Index (CPI) report which measures inflation.

The development saw a decline of 0.03 per cent points lower than the rate 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 report said.

“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 report also revealed that the rise in the food index was caused by increase 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.