Nigeria’s Inflation remains Subdued In September, Amid Rising Food Inflation
Officially, Nigeria’s economy is out of the woods.
And the annual inflation decline seems to be the proof.
Nigeria’s annual inflation slowed for an eighth month in September, easing to 15.98%.
This is 0.03% points lower than the rate in August, according to an inflation report released by the National Bureau of Statistics, NBS.
However, there continued to be a disturbing rise in food inflation as a separate food price index showed inflation at 20.32% in September, compared with 20.25% 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,” the NBS said in its report.
According to the NBS report, on a month-on-month basis, the Headline index increased by 0.78% in September 2017, 0.19% points lower from the rate of 0.97% recorded in August.
As is customary with the NBS periodic report, the inflation figures for urban and rural areas were tracked separately.
The report showed that the Urban index rose by 16.18% (year-on-year) in September 2017, up by 0.05 percentage from 16.13% recorded in August while the Rural index increased by 15.81% in September down from 15.91% in August.
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This means that compared with 2016 inflation, urban dwellers are having to pay more for goods and services while rural dwellers had to pay less.
However, when compared on a month-on-month basis, the urban index rose by 0.84% in September 2017, down from 0.99% recorded in August, while the rural index rose by 0.74% in September 2017, down from 0.95% in August.
Also watch: The Prices Of Food Items In Nigeria As At August 29th 2017