The Consumer Price Index (CPI), which measures inflation, has declined for the seventh consecutive month to 15.99 per cent in October 2021 from 16.83 per cent recorded in September 2021.
However, the Composite Food Index (CFI) rose by 18.34 per cent in October 2021 compared to 17.38 per cent in October 2020.
The National Bureau of Statistics (NBS) stated this in its monthly CPI report released on Monday, explained that the CPI increased by 15.99 per cent (year-on-year) in October 2021, noting that this was 1.76 per cent points higher than the 14.23 per cent recorded in October 2020
It added: “On a month-on-month basis, the headline index increased by 0.98 per cent in October 2021, this is a 0.17 per cent rate lower than the 1.15 per cent recorded in September 2021.
“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 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September 2021.”
“Urban inflation rate increased by 16.52 per cent (year-on-year) in October 2021 from 14.81 per cent recorded in October 2020, while the rural inflation rate increased by 15.48 per cent in October 2021 from 13.68 per cent in October 2020.”
On a month-on-month basis, it added that the urban index rose by 1.02 per cent in October 2021, down by 0.19 per cent-age point the rate recorded in September 2021 (1.21) per cent, while the rural index also rose by 0.95 per cent in October 2021, down by 0.15 per cent recorded in September 2021 (1.10) per cent.
The bureau also said that the twelve-month year-on-year average percentage change for the urban index was 17.53 per cent in October 202, stressing that this was higher than 17.41 per cent reported in September 2021, while the corresponding rural inflation rate in October 2021 was 16.39 per cent compared to 16.26 per cent recorded in September 2021.
It explained that the rise in the food index was caused by an increase in prices of food products such as coffee, tea and cocoa, Milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.
On a month-on-month basis, it said that the food sub-index increased by 0.91 per cent in October 2021, down by 0.35 per cent from 1.26 per cent recorded in September 2021.
The bureau noted: “The average annual rate of change of the Food sub-index for the twelve-month period ending October 2021 over the previous twelve-month average was 20.75 per cent, 0.04 per cent s from the average annual 20.71per cent change recorded in September 2021 per cent.
“Core inflation, which excludes the prices of volatile agricultural produce stood at 13.24 per cent in October 2021, up by 2.10 per cent points when compared with 11.14 per cent recorded in October 2020. On a month-on-month basis, the core sub-index increased by 0.80 per cent in October 2021. “This was down by 0.44 per cent when compared with 1.24 per cent recorded in September 2021. The highest increases were recorded in prices 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 fuel.
“The average 12-month annual rate of change of the index was 12.73 per cent for the twelve-month period ending October 2021; this is 0.18 per cent points higher than 12.55 per cent recorded in September 2021.”
Also, NBS said in October 2021 that all items inflation on a year-on-year basis was highest in Bauchi with 19.63 per cent; Gombe, 19.33 per cent and Jigawa, 19.07 per cent; while Kwara, 11.82 per cent; Edo, 13.31 per cent and Rivers, 13.66 per cent recorded the slowest rise in headline year-on-year inflation.
According to the bureau, “on a month-on-month basis, however, October 2021, recorded the highest increases in Cross River, 2.14 per cent; Benue/Kebbi (2.02 per cent and Yobe, 1.71 per cent; While the slowest rise in inflation for all item was Adamawa, 0.18 per cent; Kano and Kogi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).
In October 2021, it said that food inflation on a year on year basis was highest in Kogi, 23.69 per cent; Gombe, 23.29 per cent and Jigawa, 21.91 per cent, while Edo, 13.16 per cent: Rivers, 14.46 per cent and Adamawa, 15.42 per cent recorded the slowest rise in year on year food inflation.
However, it noted that on a month-on-month basis in October 2021, food inflation was highest in Kebbi, 2.29 per cent; Yobe, 2.23 per cent and Akwa Ibom, 2.16 per cent; while Kano, Kogi, Osun and Oyo recorded price deflation or negative inflation or decrease in the general price level of food or a negative food inflation rate.
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