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Nigeria’s inflation slows for 6th straight month in September

Africa’s biggest economy’s headline inflation rate fell for the sixth straight month in September owing to declining food prices, the National Bureau of Statistics has said.

Nigeria’s headline inflation fell to 16.63 percent in September from 17.01 percent in August 2021, according to the CPI report.

A breakdown of the data indicated that the continued moderation in inflation is largely due to base year effects.

While annual inflation decreased, price growth accelerated on a monthly basis.

Read also: Oyo targets natural resources fund to revitalise tourism sector, economy

Economists say the increase in monthly inflation is due to rising imported inflation due to the exchange rate depreciation and rising energy costs.

Food inflation, which has been a key driver of inflation in previous months, however fell to 19.57percent from 20percent.

Also, core inflation rose to 13.74percent from 13.41percent in August, urban inflation dropped to 17.19percent from 17.59percent while rural dropped to 16.08percent from 16.43percent in August.

Annual inflation was highest in Kogi (20.82percent), Gombe (19.09percent) and Oyo (19.07percent), while Yobe (14.96percent), Edo (14.85percent) and Kwara (13.70percent) recorded the slowest rise.

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