THE National Bureau of Statistics (NBS) yesterday said inflation rate reduced to 15.99 per cent in October 2021.
Its Consumer Price Index October 2021 report’s data indicated a consecutive seven months clash in inflation rate.
The report said: “The consumer price index (CPI), which measures inflation increased by 15.99 per cent (year-on-year) in October 2021.”
NBS said this is higher than 17.41 percent reported in September 2021, while the corresponding rural inflation point rate recorded in September 2021 was (1.21) percent, the rural index also rose by 0.95 percent in October 2021, down by 0.15 percentage point the rate that was recorded in September 2021 (1.10) per cent.”
The report added that on month-on-month basis, the Headline index increased by 0.98 percent in October 2021, this is 0.17 per cent lower than the rate recorded in September 2021.
NBS said: “The percentage change in the average composite CPI for twelve months period ending October 2021 over the average of the CPI for the previous twelve months period was 16.96 per cent, showing 0.13 per cent point from 16.83 per cent recorded in September 2021.”
The NBS noted that the composite food index rose by 18.34 per cent in October 2021 compared to 17.38 per cent in October 2020.
It added that the rise in food index was caused by increases in prices of food product, coffee, tea, and cocoa, milk, cheese and eggs, bread and cereals, vegetables and potatoes, yam and other tuber.
NBS explained that the average yearly rate of change of the food sub-index for the twelve-month period ending October 2021 over previous twelve-month average was 20.75 per cent, 0.04 per cent points from the average yearly rate of change recorded in September 2021 that was 20.71 percent.
The report said: “In October 2021, all items inflation on year -on-year basis was highest in Bauchi (19.63 per cent), Gombe (19.33 per cent and Jigawa (19.07 per cent), while Kwara (11.82per cent), Edo (13.31 per cent) and Rivers (13.66 per cent) recorded the slowest rise in headline year-on-year inflation.
“On Month-on-Month basis however, October 2021 recorded the highest increases in Cross River (2.14 per cent), Benue/Kebbi (2.02 per cent) and Yobe (1.71 per cent, while the slowest rise in inflation for all items were in Adamawa (0.18 per cent), Kano and Kogi recording price deflation or negative inflation (general decrease in the prices of goods and services or a negative inflation rate).”
On food inflation, NBS recalled that “In October 2021, food inflation on a year on year basis was highest in Kogi (23.69 per cent), Gombe (23.29 per cent) and Jigawa (21.91 per cent) while Edo (13.16 per cent), Rivers (14.46per cent and Adamawa (15.42 per cent) recorded the slowest rise in year on year food inflation.
“On Month-on-Month basis however, October 2021food inflation was highest in Kebbi (2.29 per cent), Yobe (2.23 per cent) and Akwa Ibom (2.16per cent) while Kano, Kogi, Osun and Oyo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).”
Meanwhile, the Federal Government said it is working to bring up measures that will crash the prices of food naturally between now and Yuletide.
Minister of Agriculture and Rural Development, Dr Mohammad Abubakar stated this yesterday in Abuja during a working visit to Agricultural Council of Nigeria (ARCN).
Abubakar assured that the government would not just sit and watch prices of food skyrocket.
He said the Federal Government is also working with international organisations for the agricultural sector to be improved, so as to increase production that will be sufficient for the teeming population of Nigeria.
He said: “We are doing everything possible to bring up some kind of stimulant that will cause price reduction naturally. Nobody will just sit and watch”.
On the return of the Growth Enhancement Scheme (GES), the minister said the ministry would kick off the programme soon, as they have found a way to make the scheme to work better.
Executive Secretary, ARCN, Prof Garba Sharubutu said the council will support the ministry in order to ensure, there is provision of necessary input for food security, poverty eradication and diversification of the economy.
Sharubutu said the various research institutes have made giant strides developing technologies to tackle some emerging diseases and pests now and in the past.
He said the council has strengthened its supervisory and coordination activities, thereby making the institutes sit up.
“We have for the first time established a reference library and museum in the council and we have also put in place a radio and television station to mainly propagate our innovations.
“We have changed the direction of our research from basic research to demand driven agricultural research and technologies. Most of our Research Institutes now are answering the yearning,” he said.
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