Nigeria's Inflation Rate Declined to 15.99% in October, NBS Says Despite Rising Costs of Food

 

Alt: = "photo of food market in Nigeria"

The National Bureau of Statistics has said that Nigeria’s inflation rate declined for the seventh consecutive month to 15.99 per cent in October, representing 0.37% decline

The Statistician General of the Federation, Simon Harry disclosed this on Monday in Abuja while presenting the details of the Consumer Price Index report for October.

The claim by the NBS contradicts the current economic realities in the country where the prices of food and services have been trending upwards.

In recent times, the skyrocketing food prices in major cities across the country are being reported with deleterious effects on household budgets, eroding the purchasing power of Nigerian households.

The series of insurgencies bedeviling the country, especially in the Northern part and pockets of dissentions in some states where most of the essential food items for the nation come from, have also adversely contributed to the ill reports about the astronomic rise for a range of food materials

Federal government had attributed the high costs of food commodities to insecurity and hoarding by middlemen. 

In a market survey by Business Compiler shows that commodities such as Indomie noodles carton now sell for N4,600 (Super pack) against the initial price of N2,400 while a carton of chicken flavour now sells for N2,900 against the previous price of N1,600.

Currently, a pack of the super pack now sells for N120 while a pack of chicken flavour now sells for N100.

A sachet of milk (Peak Milk) which was sold for N50 now sells for N70, while a kilo of goat and beef previously sold between N1,400 and N1,500 now sell for N2,500 and N2,800 respectively.

Read also: Sachet of Pure Water may Increase from N20 to N50 – Producers Warn

But the NBS in its latest report claimed that the inflation rate fell by 0.37 per cent from 16.36 per cent in September.

The CEO of the NBS said that on a month-on-month basis, the headline index increased by 0.98 percent in October 2021, adding that this is 0.17 percent rate lower than the 1.15 per cent recorded in September 2021.

He also disclosed that farm produce such as bread, cereals, cocoa, meat, coffee, tea and cocoa drove food inflation, which fell to 18.3 per cent in October from 19.57 percent in September.

He said, ” The consumer price index, (CPI) which measures inflation increased by 15.99 percent (year-on-year) in October 2021.

“This is 1.76 percent points higher than the rate recorded in October 2020, which was 14.23 %.

“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 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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