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- Nigeria’s inflation rate is in a downward slope for seventh consecutive month
- In October it fell to 15.99 per cent from 16.63 per cent recorded in the previous month
- The prices of goods and services, measured by the Consumer Price Index, rose by 15.99 per cent in October
Nigeria’s inflation rate is in a downward slope for seventh consecutive month. In October it fell to 15.99 per cent from 16.63 per cent recorded in the previous month.
The prices of goods and services, measured by the Consumer Price Index, rose by 15.99 per cent in October. This works out to 1.76 per cent points higher than the rate recorded in October 2020 (14.23) per cent. The headline index went up by 0.98 per cent in October 2021. This is 0.17 per cent lower than the rate recorded in September 2021 (1.15) per cent.
The composite food index rose by 18.34 per cent in October 2021 as compared to 17.38 per cent in October 2020. This rise in the food index was caused by increases in prices of food products, coffee, tea and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tubers.
