Nigeria’s inflation rate has slowed for the seventh consecutive month to 15.99 percent in October as prices of food and non-food items decline, the National Bureau of Statistics has said.
This is happening ahead of the country’s Monetary Policy Meeting and the Gross Domestic Report schedule for next week.
The NBS said on Monday that the prices of goods and services, measured by the Consumer Price Index, rose by 15.99 percent in October, a 1.76 per cent points higher than 14.23 percent recorded in October 2020.
On a month-on-month basis, the headline index increased by 0.98 percent in October 2021, this is 0.17 percent lower than 1.15 percent recorded in September 2021.
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On a month-on-month basis, the headline index had increased by 1.15 percent in September 2021, this is 0.13percent higher than the rate recorded in August 2021 (1.02) percent.
According to the NBS, this rise in the food index was caused by increases in prices of food products, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.
It added that on a month-on-month basis, the food sub-index increased by 0.91 per cent in October 2021, down by 0.35 per cent points from 1.26 per cent recorded in September 2021.
