BUSINESS

Nigeria’s Inflation Rate Falls To 15.99% In October

 

The inflation rate of Nigeria fell for the seventh consecutive month to 15.99 in October. This is according to the latest update by the National Bureau of Statistics.

This was disclosed on Monday in Abuja by the Statistician-General of the Federation, Simon Harry.

He made the disclosure while presenting the details of the Consumer Price Index report for October.

He said the inflation rate fell by 0.37 per cent from 16.36 per cent in September.

He said that on a month-on-month basis, the Headline index increased by 0.98 percent in October 2021. He added that this was 0.17 per cent rate lower than the 1.15 per cent recorded in September 2021.

Harry said that farm produce such as bread, cereals, cocoa, meat, coffee, tea, and cocoa drove food inflation, which fell to 18.34 per cent in October from 19.57 percent in September.

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