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Nigeria’s inflation rate drops to 16.63% – NBS

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Nigeria’s inflation rate drops to 16.63% – NBS

The National Bureau of Statistics, NBS, revealed that the inflation rate fell to 16.63 percent (year-over-year) in September, from 17.01 percent the month before.

This is contained in the latest report of the SNB’s consumer price index, the CPI, released on Friday.

According to the report, increases were recorded in all classifications of individual consumption according to the goal, COICOP, divisions which gave the overall index.

“On a month-to-month basis, the overall index rose 1.15% in September 2021, or 0.13% more than the rate recorded in August 2021 (1.02%),” the report said. .

“The percentage change in the average composite CPI for the 12-month period ending September 2021 compared to the average CPI for the previous 12-month period was 16.83%, or 0.23 points percentage compared to 16.60% recorded in July 2021.

“The urban inflation rate increased by 17.19% (year-on-year) in September 2021 against 17.59% recorded in August 2021, while the rural inflation rate increased by 16.08% in September 2021 against 16.45% in August 2021.

“On a monthly basis, the urban index increased by 1.21% in September 2021, up 0.15 from the rate recorded in August 2021 (1.06), while the rural index also increased 1.10% in September 2021, up 0.11 from the rate recorded in August 2021 (0.99%).

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