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Nigeria’s inflation rate drops further in October

The Consumer Price Index (CPI) which measures inflation increased by 15.99 per cent (year-on-year) in October 2021, the National Bureau of Statistics (NBS) has revealed.

While the country recorded a higher figure in October compared to last year, the inflation rate dropped for the seventh straight month.

In a report titled ‘Consumer Price Index October 2021’ and published on Monday, the agency disclosed that the development indicated an increase of 1.76 per cent points compared with the rate recorded in October 2020 (14.23 per cent).

It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the Headline index increased by 0.98 per cent in October 2021, this is 0.17 per cent rate lower than the rate recorded in September 2021 (1.15) per cent,” the statement read.

“The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 per cent, showing 0.13 percent point from 16.83 percent recorded in September 2021.

“The urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

“On a month-on-month basis, the urban index rose by 1.02 per cent in October 2021, down by 0.19 percentage point the rate recorded in September 2021 (1.21) per cent, while the rural index also rose by 0.95 per cent in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10) per cent.”

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