The Consumer Price Index (CPI) which measures inflation dropped to 15.99 per cent (year-on-year) in Octo¬ber compared to the 16.63 per cent it recorded in September, the National Bureau of Statistics (NBS) stated yesterday.
The NBS noted that the 0.64 percentage point reduction resulted from moderate increases in all parameters that determine the headline index.
It was the seventh consecutive month of decline in the headline index since March, indicating favourable economic conditions.
According to the CPI report for October, which was posted on the NBS website, food inflation rose to18.34 per cent in October compared to 17.38 per cent in October 2020.
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 tuber.
On the other hand, core inflation, which excludes the prices of volatile agricultural pro¬duce increased to 13.24 per cent, up by 2.10 per cent compared with 11.14 per¬ cent recorded in the corresponding year.
According to the statistical agency, the core index recorded the highest increases in prices of gas, fuels and lubricants for personal transport equip¬ment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passen¬ger transport by air, garments, cleaning, repair and hire of clothing, and major household appliances whether electric or not.
Others included wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.
However, month-on-month, the headline index increased by 0.98 per cent in October, which is 0.17 per cent lower than the 1.15 per cent recorded in September.
On month-on-month basis, the food sub-index increased by 0.91 percent in October 2021, down by 0.35 percent points from 1.26 percent recorded in September 2021.
Month-on-month, the food sub-index slowed to 0.91 per cent in October from 1.26 per cent recorded in the preceding month.
Also, the core sub-index moderated to 0.80 per cent in October compared to 1.24 per cent in September.
The urban inflation rate increased to16.52 per cent (year-on-year) in October from 14.81 per cent rec¬orded in October 2020, while the rural inflation rate also rose to 15.48 per cent in October 2021 from 13.68 per cent in the preceding year.
Written By Obioma Ezenwobodo Esq
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