The prices of goods and services in Nigeria have consistently tended downwards as the inflation figure for September just released by the National Bureau of Statistics show a further decline to 15.98 per cent from 16.01 per cent recorded in August.
This makes it the eight consecutive month in which inflation rate which is the rate at which prices of goods and services rise, has dropped this year after rising to a high of 18.72 per cent in January this year.
According to the NBS Consumer Price index report for September released yesterday, headline index, food index and core index all rose at a slower rate than what was recorded for August.
The report showed that on a month-on-month basis, the Food sub-index increased by 0.87 per cent in September, down from 1.14 per cent recorded in August.
The headline index increased by 0.78 per cent in September 2017, 0.19 per cent points lower from the rate of 0.97per cent recorded in August, while the Core sub-index increased by 0.80 per cent in September, lower from 0.93 per cent recorded in August.
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The percentage change in the average composite CPI for the twelve-month period ending in September 2017 over the average of the CPI for the previous twelve-month period was 17.17 per cent, showing 0.16 per cent point lower from 17.33 per cent recorded in August 2017.
The Urban index rose by 16.18 per cent (year-on-year) in September2017, up by 0.05 per cent point from 16.13 per cent recorded in August and 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.
Analysts had predicted a further decline in inflation figures for September citing a widespread ease in commodity prices as well as the appreciation of the naira and availability of forex in the market during the period under review.
