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The National Bureau of Statistics (NBS),says the country’s inflation rate for the month of October 2021 dropped further to 15.99% from 16.63% recorded in September 2021. This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).
The agency in its Consumer Price Index report, said on a month-on-month basis, the CPI increased by 0.98% in October 2021, a decline compared to 1.15% increase recorded in the previous month.
The food index dropped by 1.23% points to 18.34% in October from 19.57% recorded in the previous month. On a month-on-month basis, the index rose by 0.91% compared to 1.26% increase recorded in September 2021.
According to the report, the rise in the
food index was caused by increases in prices of food products: coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and
other tubers.
Core inflation which excludes the prices of volatile agricultural produce stood at 13.24% in October 2021, down by 0.51% points when compared with 13.74% recorded in September 2020. When comparing the core index to the previous month, it increased by 0.8%, which is lower than the increase of 1.24% recorded
in the previous month.
Core inflation in the month of October was driven by an increase in the price of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, nondurable 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.
In the month under review, all items inflation on a year-on-year basis was highest in Bauchi (19.63%), Gombe (19.33%) and Jigawa (19.07%), while Kwara (11.82%), Edo (13.31%) and Rivers (13.66%) recorded the slowest rise in headline year on-year inflation.
In terms of food inflation, Kogi state recorded the highest increase with 23.69% followed by Gombe with 23.29% and Jigawa (21.91%), while Edo (13.16%), Rivers (14.46%) and Adamawa (15.42%) recorded the slowest rise in year-on-year food inflation.
The report said in analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differs across states.
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