Business
BREAKING: Nigeria’s inflation rate drops to 15.99% in October
The consumer price index (CPI), which measures the rate of change in prices of goods and services, declined for the seventh consecutive time to 15.99 percent in October 2021.
The figure is 1.76% points higher than the rate recorded in October 2020 (14.23) percent.
The National Bureau of Statistics (NBS) said this in its monthly CPI report released today.
According to the bureau, increases were recorded in all classifications of individual consumption according to purpose (COICOP) divisions that yielded the headline index.
“On month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 percent rate lower than the rate recorded in September 2021 (1.15) percent,” the report said.
“The percentage change in the average composite CPI for the twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 percent, showing 0.13 percent point from 16.83 percent recorded in September 2021.”
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
