Home News Inflation rate drops to 15.9 %

Inflation rate drops to 15.9 %

FAAC adds N24.5bn to Excess Crude Account, 2 years after

COMFORT EKELEME

Report from the National Bureau of Statistics (NBS) has shown that the nation’s annual inflation rate marginally slowed for an eighth month in September, easing to 15.98 per cent.

In its latest publication of the Consumer Price Index (CPI), this was 0.03 per cent points lower than the rate recorded in August (16.01) per cent making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017.

However, the food price index showed a marginal rise in inflation at 20.32 per cent in September, up from 20.25 per cent in August.

“The rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats,” NBS said.

Increases were recorded in all COICOP divisions that yield the Headline Index. On a month-on-month basis, the Headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97per cent recorded in August.

The percentage change in the average composite CPI for the twelve-month period ending in September 2017 over the average of the CPI for the previous twelve-month period was 17.17 per cent, showing 0.16 per cent point lower from 17.33 per cent recorded in August 2017.

Also, the Urban index rose by 16.18 per cent (year-on-year) in September2017, up by 0.05 per cent point from 16.13 per cent recorded in August and the Rural index increased by 15.81 per cent in September down from 15.91 per cent in August. On month-on-month basis, the urban index rose by 0.84 per cent in September 2017, down from 0.99 per cent recorded in August, while the rural index rose by 0.74 per cent in September 2017, down from 0.95 per cent in August.

The corresponding twelve-month year-on-year average percentage change for the urban index decreased from 18.15 per cent in August to 17.87 per cent in September, while the corresponding rural inflation rate in September was 16.52 per cent compared to 16.58 per cent recorded in August 2017. Food price pressure continued into September as all major food sub-indexes increased. The Food Index increased by 20.32 per cent (year-on-year) in September, up marginally by 0.07 per cent points from the rate recorded in August (20.25 per cent).

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