Nigeria’s inflation level moderated at 17.9 percent, up 0.24 percent in September, according to the new report released on Friday by the statistics office.
The data however, shows headline inflation eased to 0.8 percent last month, against 1.0 percent growth in the month of August.
Contributing to the headline index was food input, up 0.19 percent to 16.6 percent last month.
The statistics office report states that energy and energy-related prices continue to be the largest increases reflected in the core sub-index.
The National Bureau of Statistics (NBS) said, “During the month, the highest increases were seen in the electricity, liquid fuel (kerosene), solid fuels, and fuels and lubricants for personal transport equipment groups.
“Communication and restaurants and hotels recorded the lowest rates of increase of the 12 divisions, growing by 5.6 per cent and 9.6 per cent respectively.”
The NBS said price movements recorded by all items less farm produce or core sub-index increased by 17.7 per cent year-on-year in September, up by 0.5 per cent points from rates recorded in August (17.2 per cent).
It added, “During the month, the highest increases were seen in clothing materials, other articles of clothing and clothing accessories, garments, shoes and other footwear, books and stationeries, jewellery, clocks and watches, and motorcycles.”
The latest inflation report was consistent with Nigeria’s sales managers’ index data released by the London-based World Economics, showing a three-month moderation in all divisions contributing to key economic indices. (Channelstv)