The National Bureau of Statistics (NBS) has revealed that Nigeria’s Consumer Price Index (CPI), which measures inflation, increased to 15.99 percent (year-on-year) in October 2021 but dropped for the seventh straight month.
In a report titled ‘Consumer Price Index October 2021’ and published on Monday, the agency disclosed that the CPI indicated an increase of 1.76 percent points compared with the rate recorded in October 2020 (14.23 percent).
It added that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.
“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
“The urban inflation rate increased by 16.52 percent (year-on-year) in October 2021 from 14.81 percent recorded in October 2020, while the rural inflation rate increased by 15.48 percent in October 2021 from 13.68 percent in October 2020.
“On a month-on-month basis, the urban index rose by 1.02 percent in October 2021, down by 0.19 percentage point the rate recorded in September 2021 (1.21) percent, while the rural index also rose by 0.95 percent in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10) percent.”