Headline Inflation Reduces To 15.99% In October – NBS

Nigeria’s headline inflation declined for the seventh consecutive month to 15.99 per cent in October, Mr Simon Harry, the Statistician-General of the Federation has said.

He said this on Monday in Abuja at a media conference while presenting the October Consumer Price Index (CPI).

This is 1.76 per cent points higher than the rate recorded in October 2020 (14.23) per cent.

Increases were recorded in all COICOP divisions that yielded the headline index. On month-on-month basis, the price index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) per cent, according to data released by the NBS.

According to the NBS figure, the composite food index rose by 18.34 per cent in October 2021 compared to 17.38 per cent in October 2020. “This rise in the food index was caused by increases in prices of Food product n.e.c, Coffee, tea and cocoa, Milk, cheese and eggs, Bread and cereals, Vegetables and Potatoes, yam and other tuber,” the bureau stated.

On month-on-month basis, the food sub-index increased by 0.91 per cent in October 2021, down by 0.35 percent points from 1.26 percent recorded in September 2021.

The highest increases were recorded in prices of Gas, Fuels and lubricants for personal transport equipment, Vehicle spare parts, non-durable household goods, Solid fuel, Passenger transport by road, Passenger transport by air, Garments, Cleaning, repair and hire of clothing, Major household appliances whether electric or not, Wine, Clothing materials, other articles of clothing and clothing accessories and Liquid fuel.

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