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Inflation drops for 7th straight month – NBS

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Fall in inflation implies that prices continued to rise but at a slower pace than previously recorded.

Headline inflation has been dropping consistently since April

The consumer price index (CPI), which measures inflation, has dropped for the seventh straight month, according to latest figures published by the National Bureau of Statistics (NBS).

The headline inflation dropped to 15.99% (year-on-year) in October 2021, from the 16.63% recorded in September.

It also dropped on a month-on-month basis from 1.15% recorded in September to 0.98%.

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The rate was higher than the 14.23% recorded at the same point last year, the NBS noted.

“The urban inflation rate increased by 16.52% (year-on-year) in October 2021 from 14.81% recorded in October 2020, while the rural inflation rate increased by 15.48% in October 2021 from 13.68% in October 2020,” the agency reported.

Food inflation also dropped to 18.34% (year-on-year) compared to the 19.57% recorded the previous month.

It also dropped on month-on-month basis from 1.26% in September, to 0.91% in October.

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Core inflation also dropped in October to 13.24% (year-on-year) from the 13.74% recorded in September.

Fall in inflation implies that prices continued to rise but at a slower pace than previously recorded.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

10,534 respondents spread across the country usually provide price data for regularly priced market items of 740 goods and services.

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Until April, inflation had consistently increased in Nigeria for 19 straight months starting with President Muhammadu Buhari‘s decision to shut down Nigeria’s land borders.

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