Inflation Rate Drops Marginally, Food Prices Up

Nigeria’s annual inflation rate marginally slowed for an eighth month in September, easing to 15.98 percent, the National Bureau of Statistics (NBS) said on Tuesday in its latest publication of the Consumer Price Index.

This was 0.03 percent points lower than the rate recorded in August (16.01) percent making it the eighth consecutive decline in the rate of headline year on year inflation since January 2017.

However, the food price index showed a marginal rise in inflation at 20.32 percent in September, up from 20.25 percent in August.

“The rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk cheese and eggs, bread and cereals, coffee tea and cocoa, soft drinks, fish, meat and oil and fats,” NBS said.