Tue, 30 Nov 2021

LAGOS, Oct. 15 (Xinhua) -- Nigeria's high inflation has witnessed a gradual decline for six months, with the Consumer Price Index (CPI) slightly down from the 17.01 percent growth rate recorded in August.

The figure was up 16.63 percent year-on-year in September.

According to the latest CPI report by the National Bureau of Statistics (NBS), the urban inflation rate increased by 17.19 percent year-on-year in September, down from 17.59 percent recorded in August, while the rural inflation rate increased by 16.08 percent year-on-year in September, down from 16.45 percent in August 2021.

The composite food index rose by 19.57 percent in September compared to 20.3 percent in July, indicating that food prices, one of the biggest contributor to inflation in Nigeria, also saw slower growth in September.

Speaking at a news briefing in Abuja on Friday, Simon Harry, head of the NBS, attributed the declining inflation rate to the effective intervention by the government.

"Some of the policies put in place by the government are impacting positively on most of the commodities that make up the basket for the CPI," Harry said.

According to the official, the government is very conscious of the negative impacts of COVID-19 on the economy. Therefore, the economic sustainability plan formulated by the government has been taken as a very serious document to implement to cushion the effect.

He expected this declining trend of inflation to last for "a reasonable period of time" as long as government's determination is sustained in implementing current policies.

Nigeria recorded the highest inflation rate in four years in March, when the CPI increased by 18.17 percent year-on-year.

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