Nigeria’s inflation drops to 15.98%

The National Bureau of Statistics (NBS) says inflation rate measured by the Consumer Price Index (CPI) further declined to 15.98 per cent in September from 16.01 per cent in August
The NBS disclosed this in its “CPI Sept. 2017 Report’’ released on Tuesday in Abuja.
The CPI which measured inflation, increased by 15.98 per cent (year-on-year) in Sept. 2017.
According to the bureau, this is 0.03 per cent points lower than the rate recorded in Aug (16.01) per cent.
It said that the index made it the eight consecutive decline in the rate of headline year- on- year inflation since January 2017.
On a month-on-month basis, the report noted that the headline index increased by 0.78 per cent in Sept. 2017, 0.19 per cent points lower from the rate of 0.97 per cent recorded in Aug.
The report indicated that food price inflation increased by 20.32 per cent (year-on-year) in Sept, up marginally by 0.07 per cent points from the rate recorded in Aug. (20.25 per cent).
It said the rise in the index resulted from increase in prices of potatoes, yams, milk cheese and eggs, bread and cereals, coffee, tea and cocoa, soft drinks, fish, meat and oil and fats.
It stated that on a month-on-month basis, the food sub-index increased by 0.87 percent in September, down from 1.14 percent recorded in August.
It said the average annual rate of change of the food sub-index for the twelve-month period ending in September 2017 over the previous twelve month average was 18.88 per cent.
This, it noted was 0.31 per cent points from the average annual rate of change recorded in Aug. (18.57) per cent.
The bureau stated that the ”All Items less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased further during the month of Sept. to 12.10 per cent points from 12.30 per cent recorded in August.
It said all key divisions which contributed to the index increased during the month under review.