Nigeria’s Consumer Price Index (CPI), which measures inflation, dropped further to 16.63% in September 2021 from 17.01% recorded in the preceding month, representing the seventh consecutive month of decline in general price level in the country,.
The Statistician General of the Federation, Dr. Simon Harry, gave the hints on the inflation trend as captured by the National Bureau of Statistics (NBS’) CPI report for the month at a media chat on Friday in Abuja
According to him, the consumer price index rose by 16.63% year-on-year (Y-o-Y) in the month under review, representing 0.38% point decrease compared to 17.01% recorded in August.
Harry, who elaborately spoke on the methodologies being adopted by the bureau for its various surveys, data processing and final production of reports, pointed out that increases were recorded in all the Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.
The Statistician General further reported that food inflation also dropped to 19.57% in September from 20.3% recorded in August while core inflation rose to 13.74%, up by 0.33% when compared with 13.41% recorded in the preceding month.
He attributed the rise in food index to increases in prices of oils and fats, bread and cereals, food product N.E.C., fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.
Expatiating further, the Statistician General explained that on month-on-month basis, the food sub-index increased by 1.26 percent in September 2021, up by 0.20 percent points from 1.06 percent recorded in the preceding month, adding that the average annual rate of change of the Food sub-index for the 12-month period ending September 2021 over the previous twelve-month average was 20.71 percent, 0.21 percent points from the average annual rate of change recorded in August 2021 (20.50) percent.
This is even as he reported that Urban inflation increased by 17.19% Y-o-Y in September from 17.59% recorded in August 2021, while the Rural inflation rose by 16.08% Y-o-Y in the month in review, from 16.45% in August 2021.
On month-on-month basis, the Headline Index increased by 1.15% in September 2021, this is 0.13% higher than the rate recorded in August 2021 (1.02) percent.
In terms of non-farm produce, the highest increases were recorded in 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.
Harry assured the readiness of the statistics agency to continue to produce key statistical data/reports on timely basis to assist private and public economic stakeholders in their plans and by implication, serve as the engine of economic planning and development in the country.
According to the Statistician General, the thawing CPI rate is an indication that policy measures by the government to sustain the nation’s economic recovery are achieving the desired results.
In his response to media enquiries about his projections on future inflation trend, he predicted that the declining trend will be sustained over the next few months as government sustained the implementation of key policy measures of the Economic Sustainability Plan (ESP) .
