By Elizabeth Adegbesan

National Bureau of Statistics, NBS, yesterday, said inflation rate decreased to 15.98 per cent in September from 16.01 per cent recorded in August, 2017.

The NBS disclosed this in its Consumer Price Index, CPI September, 2017 report released in Abuja.

The report stated: “The CPI which measures inflation increased by 15.98 per cent Year-on-Year, YoY, in September. This was 0.03 percent points lower than the rate recorded in August at 16.01percent.”

According to the bureau, the index made it the eighth consecutive decline in the rate of headline YoY inflation since January 2017.

The CPI measures the average change over time in prices of goods and services consumed by people daily.

The report indicated that 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 0.97per cent recorded in August.

The NSE stated that Urban index rose by 16.18 per cent YoY in September, 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.

The report showed that the food index rose by 20.32 percent YoY in September from the 20.25 per cent recorded in August.

It said that the rise in the index was caused by increases in prices of potatoes, yams and other tubers, milk, cheese, eggs, bread, cereals, coffee, tea, cocoa, soft drinks, fish, meat, oil and fats.

The report further said that on a MoM basis, the food sub-index appreciated by 0.87 percent in September, from 1.14per cent recorded in August.

The bureau further noted that the ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased further during the month of September to 12.10 per cent points from 12.30 per cent recorded in August .

The bureau said that on a MoM basis, the core sub-index rose by 0.80 percent in September, lower from 0.93 percent recorded in August.

The highest increases were recorded in clothing materials and articles of clothing, solid fuels, garments, passenger transport by air, motorcycles, shoes and other footwear, furniture and furnishing and non-durable household goods.

Price of rice increases by 3.56% in September

Meanwhile, in the September report released yesterday, the NBS said the average price of imported rice increased by 3.56 per cent, as one kilogramme (1kg) was sold for N398.01 in September from N384.35 recorded in August.

The bureau stated that the average cost of 1kg of rice (imported high quality sold loose) increased year-on-year by 8.98 per cent in the month under review.

According to the report, an average cost of 1 dozen of Agric. eggs medium size increased YoY by 12.02 per cent and  MoM by 0.48 per cent to N487.51 in September from N485.19 in August.

The report said that the average price of a piece of Agric. eggs medium size increased YoY by 22.88 per cent and MoM by 6.52 per cent to N45.72 in September from N42.92 in August.

It further stated that the average cost of 1kg of tomato increased YoY by 13.83 per cent and MoM by 25.25 per cent to N322.39 in September from N384.35 recorded in August.

Similarly, the average price of 1kg of yam tuber increased YoY by 28.65 per cent and decreased MoM by 24.43 per cent to N259.51 in September from N343.39 in August.