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Nigeria’s inflation rate slows down to 16.63%

According to the National Bureau of Statistics (NBS), the inflation rate fell from 17.01 percent in August 2021 to 16.63 percent in September 2021.

It fell by 0.38 percent, marking the sixth month in a row that it has fallen.

This drop, however, occurred in the face of skyrocketing food prices.

According to the Bureau, there were rises in Classifications of Individual Consumption According to Purpose (COICOP) as a result of headline inflation.

According to the NBS, the headline index climbed by 1.15 percent month over month in September 2021, which is 0.13 percent higher than the rate reported in August 2021 (1.02%).

According to the statistics, the Composite Food Index increased by 19.57% in September 2021, compared to 20.30% in August 2021.

This increase in the food index in September, according to NBS, was caused by price rises in oils and fats, bread and cereals, food products, fish, coffee, tea, and chocolate, potatoes, yam and other tubers, milk, cheese, and eggs.

It also stated that the food sub-index climbed by 1.26 percent month on month in September 2021, up 0.20 percent points from 1.06 percent in August 2021.

“The average annual rate of change of the Food sub-index for the twelve months ending September 2021 over the previous twelve-month average was 20.71 percent, 0.21 percent points higher than the average annual rate of change recorded in August 2021 (20.50 percent,” according to the report.

According to the study, the percentage change in the average composite CPI for the twelve months ending September 2021 over the average CPI for the preceding twelve-month period was 16.83%, a 0.23 percent point higher than the 16.60% recorded in July 2021.

“The urban inflation rate climbed by 17.19% (year on year) in September 2021, up from 17.59% in August 2021, while the rural inflation rate increased by 16.08% in September 2021, up from 16.45% in August 2021.”

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