Despite Rising Prices, Inflation Rate Declines Again

The National Bureau of Statistics on Monday disclosed that the nations’ inflation rate fell to 15.99 per cent in October, from 16.36 in September, according to its Consumer Price Index report.

This October figure showed a steady decline in the country’s inflation rate over a seven month period beginning from April.

The decline is amid complaints of surges in the prices of goods and services by Nigerians.

In recent times, the skyrocketing food prices in major cities across the country were being reported with adverse effects on household budgets.

The activities of insurgencies in the country, especially in the North and pockets of dissentions in some states where most of the essential food items for the nation come from, have been attributed to the jump in prices for a range of food materials.

But the NBS in its latest report claimed that the inflation rate fell by 0.37 per cent from 16.36 per cent in September.

The report said on a month-on-month basis, headline index increased by 0.98 percent in October 2021, which is 0.17 per cent lower than 1.5 per cent recorded in September.

It added that urban inflation rate increased by 16.52 per cent (year-on-year) in October from 14.81 percent recorded in October 2020.

Meanwhile, the rural inflation rate increased by 15.48 percent in October from 13.68 percent in October 2020, the Bureau added.

“The average annual rate of change of the Food sub-index for the twelve-month period ending October 2021 over the previous twelve-month average was 20.75 percent, 0.04 percent points from the average annual rate of change recorded in September 2021 (20.71) percent,” the report added