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Nigeria’s Inflation Rate Drops Further To 16.63% In September – NBS Report

Nigeria’s inflation rate has dropped by 0.38 per cent to 16.63 per cent, the National Bureau of Statistics has said in its latest report.

The Consumer Price Index, (CPI) which measures inflation increased by 16.63 per cent (year-on-year) in September 2021.

This is 0.38 per cent points lower than the rate recorded in August 2021 (17.01) per cent, according to a report released by the Nigeria Bureau of Statistics on Friday.

Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline Index.

On a month-on-month basis, the Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent rate higher than the rate recorded in August 2021 (1.02) per cent.

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The percentage change in the average composite CPI for the 12-month period ending September 2021 over the average of the CPI for the previous 12-month period was 16.83 per cent, showing 0.23 per cent points from 16.60 per cent recorded in July 2021.

The urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the rural inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 per cent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) per cent.

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