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Inflation Moderates To 15.99% In October, Says NBS

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The National Bureau of Statistics (NBS) said on Monday that Nigeria’s headline inflation decelerated for the seventh consecutive month to 15.99per cent y/y in October 2021 (September: 16.63per cent y/y).

The report stated that on a month-on-month basis, headline inflation moderated by 17bps to 0.98per cent.

Food inflation also sustained its deceleration for the seventh consecutive month, declining by 123bps to 18.34per cent y/y in October 2021 (September: 19.57per cent y/y).

Notably, the most significant price increases were recorded in coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tuber.

On a month-on-month basis, food inflation reversed last month’s increase, as it rose by 0.91per cent in October (September: 1.26per cent m/m).

Similarly, core inflation slowed by 51bps to 13.24per cent y/y (September: 13.74per cent y/y).

Pressures were most significant in the prices of gas, fuels and lubricants for personal transport equipment, vehicle spare parts, non-durable household goods, solid fuel, passenger transport by road, passenger transport by air, garments, cleaning, repair and hire of clothing, major household appliances whether electric or not, wine, clothing materials, other articles of clothing and clothing accessories and liquid fuel.

Compared to the previous month, the core index moderated by 45bps to 0.80per cent m/m in October.

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