Nigeria’s Inflation drops to 16.63% in the month of September

The National Bureau of statistics have released the consumer price index for the month of September. The consumer price came to 16.63% which means a 0.38% decrease in inflation compared to the 17.01%in the preceding month.

According to the National Bureau of Statistics (NBS), the 0.38 per cent reduction in inflation was occasioned by price moderation in all the parameters that determine the headline index. The composite food Index also slowed to 19.57 per cent in September compared to 20.30 per cent in August.

The food index was reflected in the 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.

The ‘’All items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce stood at 13.74 per cent in September up by 0.33 per cent compared with 13.41 per cent recorded in August. The highest increases were recorded in prices of gas, household textile, garments, motor car, game of chance, and major household appliances whether electric or not.

Other are 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.

Dolupo Balogun

Written by BoomRadioNG