Saturday, 16 October 2021 07:26

NBS: Inflation slows down to 16.63 per cent - Crashes for sixth consecutive time

The National Bureau of Statistics (NBS) yesterday said inflation rate reduced from 17.01 per cent in August 2021 to 16.63% in September 2021.

It fell by 0.38%, translating to the sixth consecutive months that it has declined.

This decline was, however, in the face soaring food prices. 

The Bureau said there were increases in Classifications of Individual Consumption According to Purpose (COICOP), which resulted in headline inflation.

The NBS said on a month-on-month basis, the headline index increased by 1.15 per cent in September 2021, a 0.13 per cent rate higher than the rate recorded in August 2021 (1.02 per cent).

According to the bureau the Composite Food Index rose by 19.57 per cent in September 2021 compared to 20.30 per cent in August 2021.

In the period under review, according to NBS, the rise in the food index in September was caused by increases in prices of oils and fats, bread and cereals, food product, fish, coffee, tea and cocoa, potatoes, yam and other tuber and milk, cheese and egg.

 

It added that on a month-on-month basis, the food sub-index increased by 1.26 per cent in September 2021, up by 0.20 per cent points from 1.06 per cent recorded in August 2021.

The report said: “The average annual rate of change of the Food sub-index for the twelve months ending September 2021 over the previous twelve-month average was 20.71 per cent, 0.21 per cent points from the average annual rate of change recorded in August 2021 (20.50) per cent.”

The report added that the percentage change in the average composite CPI for the 12 months ending September 2021 over the average of the CPI for the previous twelve-month period was 16.83 per cent, showing a 0.23 per cent point from 16.60 per cent recorded in July 2021.

“The Urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the Rural Inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

 

 NATION

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