The National Bureau of Statistics, NBS, has said the inflation rate has dropped to 15.98 per cent in September, from 16.01 per cent in August.
In a report released on Tuesday in Abuja, the bureau explained that the drop in the nation’s inflation rate in September was the eighth consecutive month that it would be declining since January this year.
On a month-on-month basis, the NBS stated that the headline inflation rate increased by 0.78 per cent in September, in contrast to the 0.97 per cent recorded in August this year.
It stated in its report that, “Consumer Price Index, which measures inflation, increased by 15.98 per cent (year-on-year) in September 2017. This was 0.03 per cent points lower than the rate recorded in August (16.01) per cent, making it the eighth consecutive decline in the rate of headline year-on-year inflation since January 2017.
“On a month-on-month basis, the headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97 per cent recorded in August.”
The report further stated that the urban index rose by 16.18 per cent (year-on-year) in September 2017, up by 0.05 per cent point from 16.13 per cent recorded in August, while the rural index increased by 15.81 per cent in September, down from 15.91 per cent in August.
“On month-on-month basis, the urban index rose by 0.84 per cent in September 2017, down from 0.99 per cent recorded in August, while the rural index rose by 0.74 per cent in September 2017, down from 0.95 per cent in August,” the report added.
Experts attributed the marginal drop in the inflation rate to the decline in the prices of food items this harvest season.