Nigeria’s inflation rate drops to 15.99% in October

The consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the seventh consecutive time to 15.99 percent in October 2021.

The figure is 1.76% points higher than the rate recorded in October 2020 (14.23) percent.

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The National Bureau of Statistics (NBS) said this in its monthly CPI report released on Monday.

According to the bureau, increases were recorded in all 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.”

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