Nigeria’s inflation further drops in September – NBS report

National Bureau of Statistics, NBS

The National Bureau of Statistics says inflation rate measured by the Consumer Price Index has further declined to 15.98 per cent in September from 16.01 per cent in August.

The NBS disclosed this in its “CPI September 2017 Report” released on Tuesday in Abuja.

The CPI, which measures inflation, increased by 15.98 per cent (year-on-year) in September 2017.

According to the bureau, this is 0.03 per cent points lower than the rate recorded in August (16.01) per cent.

It said the index made it the eight consecutive decline in the rate of headline year-on-year inflation since January 2017.

On a month-on-month basis, the report noted that the headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97 per cent recorded in August.

The report indicated that food price inflation increased by 20.32 per cent (year-on-year) in September, up marginally by 0.07 per cent points from the rate recorded in August (20.25 per cent).

It said the rise in the index resulted from increase in prices of potatoes, yams, milk cheese and eggs, bread and cereals, coffee, tea and cocoa, soft drinks, fish, meat and oil and fats.

It stated that on a month-on-month basis, the food sub-index increased by 0.87 per cent in September, down from 1.14 per cent recorded in August.

It said the average annual rate of change of the food sub-index for the twelve-month period ending in September 2017 over the previous twelve month average was 18.88 per cent.

This, it noted, was 0.31 per cent points from the average annual rate of change recorded in August (18.57) per cent.

The Bureau stated: “All Items less Farm Produce or Core sub-index, which excludes the prices of volatile agricultural produce eased further during the month of September to 12.10 per cent points from 12.30 per cent recorded in August.”

It said all key divisions which contributed to the index increased during the month under review.