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Inflation rate drops by 0.37 per cent in October

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Grace Cofie

The National Bureau of Statistics (NBS) has disclosed the nation’s inflation rate fell by 0.37 per cent from 16.36 per cent in September, to 15.99 per cent in October, according to its Consumer Price Index report.

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This information was disclosed on Monday.

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

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This decline came amidst complaints of constant increase in the prices of goods and services by Nigerians.

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

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It added that the urban inflation rate increased by 15.48 per cent in October 2021 from 14.81 per cent recorded in October 2020 on a year-on-year basis while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.

“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 per cent, 0.04 per cent points from the average annual rate of change recorded in September 2021 (20.71) per cent,” the report added.

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