Nigeria’s inflation rate falls as food prices rise

Nigeria’s inflation rate for the month of October 2021 dropped further to 15.99% from 16.63% recorded in September 2021.

This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).

Similarly, the composite food index dropped by 1.23% points to 18.34% in October from 19.57% recorded in the previous month, while core inflation which excludes the prices of volatile agricultural produce stood at 13.24% in October 2021, down by 0.51% points when compared with 13.74% recorded in September 2020.

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According to the report, the 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.

On the other hand, core inflation in the month of October was driven by an increase in the price of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid.