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Inflation sustains declining trend, records 16.63% in September

…Kogi records highest surge at 20.28%

…Kwara has lowest figure at 13.70%

Inflation has dropped to 16.61 per cent in September from 17.01 per cent in August in spite of the continuous rise in prices of food items, according to figures obtained from the National Bureau of Statistics (NBS) on Friday. The latest drop represents 0.38 per cent lower than the rate recorded in August figure.

Increases in price of food items were recorded in oils,fats, bread and cereals, food product, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg. “On month-on-month basis, the headline Index increased by 1.15 per cent in September, this is 0.13 per cent rate higher than the rate recorded in August (1.02) per cent. The percentage change in the average composite CPI for the 12-month period ending September over the average of the CPI for the previous 12-month period was 16.83%, showing 0.23% from 16.60% recorded in July 2021,” NBS said.

The data showed food index rose by 19.57 per cent in September compared to 20.30% in August 2021. Furthermore, NBS stated: “This rise in the food index was caused by increases in prices of oils and fats, bread and cereals, food product N.E.C. fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg. ‘‘On month-on-month basis, the food sub-index increased by 1.26 per cent in September, up by 0.20 per cent points from 1.06 per cent recorded in August. “The average annual rate of change of the Food sub-index for the twelve-month period ending September over the previous twelve-month average was 20.71 per cent, 0.21 per cent from the average annual rate of change recorded in August (20.50) percent”.

Inflation trend varies state to state

In September, all items inflation on year-on-year basis was highest in Kogi (20.82), Gombe (19.09%) and Oyo (19.07%), while Yobe (14.96%), Edo (14.85%) and Kwara (13.70%) recorded the slowest rise in Headline Inflation (year-on-year). On month-on-month basis, Ebonyi (3.42%), Kano (2.41%) and Rivers (1.88%), recorded the slowest rise with Zamfara, Benue and Cross River recording price deflation. For food inflation on a year-on-year basis, it was highest in Kogi (26.63%), Oyo (22.40%) and Gombe (22.16%), while Bauchi (16.35%), Yobe (16.33%) and River (15.97%) recorded the slowest rise in year-onyear food inflation. On month-on-month basis, however, September Food Inflation was highest in Kaduna (2.22%), Kano (2.17%) and Anambra (2.15%), while Benue (0.23%) and Kebbi (0.09%) recorded the slowest rise with Zamfara recording price deflation or negative inflation (general decrease in the general price level of food or a negative.

 

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