Friday, January 28, 2022
More

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

    Must read

    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    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.

    Read Also: Tunde Bakare Meets With President Buhari Behind Closed Doors

    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.

    - Advertisement -spot_img

    More articles

    - Advertisement -spot_img

    Latest article

    %d bloggers like this: