Nigeria’s inflation falls to 16.63% in September

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The Consumer Price Index, which measures inflation, has declined for the seventh consecutive month to 16.63 per cent in September.

The Statistician-General of the Federation, Simon Harry, while speaking at a press briefing in Abuja on Friday, noted that the CPI decrease was 0.38 per cent lower than the 17.01 per cent recorded in August 2021.

He said that the declining trend in the inflation rate was an indication that the economic conditions in the country wer improving.

Food inflation slowed by 73bps to 19.57% y/y in September 2021 (August: 20.30% y/y). Notably, the highest price increases were recorded in Oils and fats, Bread and cereals, Food products, Fish, Coffee, tea and cocoa, Potatoes, yam and other tuber and Milk, cheese and egg. On a month-on-month basis, food inflation increased by 1.26% in September (August: 1.06% m/m).
On the other hand, core inflation increased by 33bps to 13.74% y/y (August: 13.41% y/y). Pressures were most significant in the prices of Gas, Household textile, Garments, Motor car, Game of chance, Major household appliances whether electric or not, Passenger transport by air, Hospital services,

Other services in respect personal transport equipment, Wine, Clothing materials, Other articles of clothing and clothing accessories, Non-durable household goods. Compared to the previous month, the core index increased by 47bps to 1.24% m/m in September.

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