Nigeria’s inflation moderated again in October, the seventh consecutive month in 2021.
Gatekeepers News reports that the inflation rate dropped from 16.63 percent it was in September to 15.99 percent in October 2021.
This represents is 1.76 percent points, according to the National Bureau of Statistics (NBS)’s ‘Consumer Price Index Report for October’ which was released on Monday.
The NBS said increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) percent,” the report said.
“The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 percent, showing 0.13 percent point from 16.83 percent recorded in September 2021.”
